Circle, the issuer of the second-largest stablecoin (USDC), has partnered with Sony Block Solutions Labs to expand USDC adoption on the tech firm’s layer-2 (L2) blockchain, Soneium.
Yesterday (September 15), Circle announced a collaboration with Sony’s blockchain division. It will see the integration of its Bridged USDC Standard. The ultimate goal is to establish the stablecoin as one of the primary tokens used on Soneium.
Circle Aiming For USDC To Be The Primary Token Used To Transact On Sony’s Brand New L2 Network
Thrilled to be collaborating with Sony’s blockchain efforts, making USDC a central part of what we believe can be a significant consumer-scale ecosystem. More to come! https://t.co/IJQbCkJS9C
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) September 16, 2024
Jeremy Allaire, CEO of Circle spoke in a press release regarding the announcement. “We are thrilled to be partnering with Sony Block Solutions Labs to re-imagine how creativity and innovation are supported in the digital age,” he said.
Allaire said, “This collaboration marks a significant milestone for Circle’s mission to accelerate the adoption of our stablecoins and blockchain technology, and empower creators to flourish through secure, user-friendly Web3 experiences.”
Soneium is an L2 blockchain built on Ethereum that launched in August. It was developed by Sony Block Solutions Labs in collaboration with Sony Group Corporation and Startale Labs.
Circle’s press release explains that the Bridged USDC Standard is a specification and process for deploying a bridged form of the stablecoin on Ethereum Virtual Machine (EVM)-compatible blockchains. Avax, Fantom, Arbitrum & Binance Smart Chain are just four examples of EVM-compatible blockchains.
Soneium Has Already Partnered With Web3 Giants Such As Chainlink & Optimism, Amongst Others
Sony Block Solutions Labs Chairman Jun Watanabe said that by “integrating Circle’s financial infrastructure with Soneium, we are set to redefine the landscape of digital entertainment and finance” and that the collaboration “aligns ideally with our vision of creating a more interconnected and efficient digital ecosystem.”
In its development thus far, Soneium has partnered with many Web3 juggernauts such as Astar, Alchemy, Chainlink, Optimism, and The Graph.
Circle is second only to Tether’s USDT as the world’s largest stablecoin issuer. According to Coingecko data, USDC has a circulating supply of $35.7 billion and has processed over $5.4 billion in volume over the past 24 hours.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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