Financial technology firm Circle, the issuer of the USDC stablecoin, has formed a partnership with Sony Group’s Singapore-based unit, Sony Blockchain Solutions Lab. This collaboration aims to broaden the adoption of USDC, the second-largest stablecoin in the cryptocurrency market.
Integration of Bridged USDC Standard
On September 15, Circle revealed that the Bridged USDC Standard would be integrated with Sony’s newly developed Blockchain protocol, Soneium. This integration will position USDC as the primary digital asset for transactions and value transfers on the platform. Launched in August 2024, Soneium is a Layer-2 Blockchain designed to scale the Ethereum network. The protocol aims to attract application developers from sectors like entertainment, gaming, and finance, thereby increasing the cryptocurrency ecosystem’s adoption.
Connecting Blockchains
Circle explained that Bridged USDC offers flexibility to Blockchains integrating the infrastructure into their platforms. According to the company, Blockchains utilizing Bridged USDC can seamlessly transition to native USDC issuances in the future for a more robust financial ecosystem. Jun Watanabe, head of Sony Blockchain Solutions Lab, expressed that integrating Circle’s stablecoin infrastructure aligns with their vision of creating a more connected ecosystem. Watanabe stated: 'We are ready to reshape the landscape of digital entertainment and finance by integrating Circle’s financial infrastructure with Soneium.'
Global Usage of USDC
Circle’s CEO Jeremy Allaire underscored the significance of this agreement with Sony Blockchain Solutions Lab, stating it represents a crucial step in promoting the adoption of the USDC stablecoin across various Blockchains. To boost global usage of the USDC stablecoin, Circle has announced plans to open a new international office in New York, slated for early 2025. This office will be located on the 87th floor of One World Trade Center in Manhattan.
The partnership between Circle and Sony Blockchain Solutions Lab aims to accelerate the adoption of stablecoin technology and Blockchain infrastructure across different sectors. The integration of USDC into the Soneium network provides developers with the opportunity to easily incorporate digital dollar payments into their applications, contributing to a more connected and efficient digital ecosystem on a global scale.
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