Financial technology firm Circle, the issuer of the USDC stablecoin, has partnered with Sony Group’s Singapore-based unit, Sony Blockchain Solutions Lab. This collaboration aims to broaden the adoption of USDC, which is the second-largest stablecoin in the cryptocurrency market.
Integration of Bridged USDC Standard
Circle announced on September 15 that the Bridged USDC Standard will be integrated with Sony’s newly developed Blockchain protocol, Soneium. This integration will establish 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 industries like entertainment, gaming, and finance, thereby enhancing the adoption of the crypto ecosystem.
Connecting Blockchains
Despite being in beta, Soneium has formed this significant partnership with Circle, a global crypto-focused financial services company. This collaboration will allow Soneium to follow Circle’s implementation process to incorporate Bridged USDC. Circle indicated that this version of USDC is designed for use on Ethereum Virtual Machine (EVM)-compatible Blockchains. Bridged USDC functions as a proxy for the native USDC held on Ethereum, enabling developers on the Soneium network to easily integrate digital dollar payments into their applications. According to Circle, Bridged USDC offers flexibility for Blockchains that integrate its infrastructure. This allows Blockchains using Bridged USDC to seamlessly transition to native USDC issuances in the future, contributing to a more robust financial ecosystem.
Future Plans
Jun Watanabe, head of Sony Blockchain Solutions Lab, expressed that integrating Circle’s stablecoin infrastructure aligns with Soneium’s vision of creating a more connected ecosystem. Circle’s CEO, Jeremy Allaire, highlighted that this agreement is a significant step in promoting the adoption of USDC across various Blockchains. Circle plans to open a new international office in New York to increase global usage of the USDC stablecoin. Set to open in early 2025, the office will be located on the 87th floor of One World Trade Center in Manhattan.
The partnership between Circle and Sony opens new opportunities for leveraging USDC in various industry applications, fostering the growth of the cryptocurrency ecosystem.
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