Circle, the company behind the stablecoin USDC, has partnered with Sony Block Solutions Labs to promote the adoption of USDC on Sony's new layer-2 blockchain, Soneium. The goal is to make USDC a standard for Web3 creators, allowing them to use the stablecoin for digital payments and value exchanges on this new platform.
The partnership was officially announced on September 15, 2024, marking a major step toward integrating Circle's Bridged USDC Standard into the Soneium blockchain. This standard allows a bridged version of USDC to be used on Ethereum Virtual Machine (EVM)-compatible blockchains, making it easier for developers to access digital dollar payments on layer-2 networks. By doing so, Circle aims to encourage Web3 creators to adopt USDC as a secure and efficient method for online transactions.
Soneium, launched in August 2024, is an Ethereum-based layer-2 blockchain developed by Sony Block Solutions Labs. The lab is a joint venture between Sony Group Corporation and Startale Labs, focusing on creating new blockchain infrastructure. The collaboration between Circle and Sony aligns with both companies' vision of building an interconnected and efficient digital ecosystem, according to Jun Watanabe, Chairman of Sony Block Solutions Labs.
Jeremy Allaire, CEO of Circle, emphasized the significance of the partnership, stating that it is a key milestone in Circle's mission to accelerate stablecoin adoption and empower Web3 creators. By making USDC more accessible on platforms like Soneium, Circle hopes to drive further growth in using blockchain technology for creative and financial applications.
This partnership is part of a broader trend in the blockchain industry, as other major tech players like Samsung are also investing in this space. Earlier this month, Samsung Next, the investment arm of Samsung, announced a strategic investment in Startale Labs, the developer behind Sony's L2 blockchain. Soneium has also formed partnerships with other leading blockchain companies such as Astar, Alchemy, Chainlink, Optimism, and The Graph.
Despite a dip from its peak in 2022, USDC has seen a 47% increase in supply since the beginning of 2024, bringing its current market supply to $35.7 billion. Circle remains optimistic that stablecoins will become the preferred currency for the internet, driving the next wave of digital innovation in the Web3 space.
