Circle just announced a partnership with Sony Block Solutions Labs to boost the use of USDC on Sony’s new layer-2 blockchain, Soneium.
Expanding USDC’s presence to more networks
Circle revealed its plan on the weekend to integrate the Bridged USDC Standard into Soneium, and taking a big step towards promoting creativity in the Web3 space.
Soneium is a public Ethereum layer-2 blockchain that was launched in August 2024, developed by Sony Block Solutions Labs, a joint venture between Sony Group Corporation and Startale Labs.
The Bridged USDC Standard allows for the deployment of a bridged version of USDC on Ethereum Virtual Machine-compatible blockchains, so this means that developers working on layer-2 chains can access dollar payments more easily.
Jun Watanabe, chairman of Sony Block Solutions Labs, shared that this collaboration fits perfectly with their goal of building a more interconnected and efficient digital ecosystem.
Circle’s CEO, Jeremy Allaire, also told that this partnership is important for accelerating the adoption of stablecoins and blockchain technology.
More and more companies stepping in to the Web3
This partnership comes shortly after Samsung announced a strategic investment in Startale Labs, the developer behind Sony’s layer-2 blockchain.
Soneium also formed partnerships with other companies, including Astar, Alchemy, Chainlink, Optimism, and The Graph.
Circle is the second-largest stablecoin issuer in the world, with a circulating supply of $35.7 billion, which gives it a 21% market share, behind Tether’s USDT.
Since the start of the year, the supply of USDC has increased by 47%, but have to mention, it is still down 36% from its peak of $56 billion in June 2022.
Digital currency for the digital age
In an interview, Dante Disparte, Circle’s chief strategy officer and head of global policy, shared their confidence in the mainstream adoption of stablecoins as the currency for the internet age.
Many experts tink that this partnership with Sony could significantly enhance USDC’s visibility and usage in the growing Web3 market.
