Sony Block Solutions Labs has partnered with stablecoin issuer Circle to increase the adoption of USDC on the firm’s layer-2 blockchain, Soneium.
On September 15, Circle disclosed its collaboration with Sony’s blockchain division to incorporate its Bridged USDC Standard and designate the stablecoin as one of Soneium’s primary tokens for value exchange.
According to the company, this is a significant milestone in establishing the foundation for a new era of creativity in the Web3 space.
Sony Block Solutions Labs launched Soneium in August 2024, a public Ethereum layer-2 blockchain. Established to construct a new network infrastructure utilizing distributed ledger technology, Sony Block Solutions Labs is a joint venture between Sony Group Corporation and Startale Labs.
The Bridged USDC Standard is a specification and protocol that facilitate the deployment of a bridged version of the stablecoin on blockchains that are compatible with the Ethereum Virtual Machine (EVM). The asset “functions as a proxy” for native USDC on Ethereum, allowing developers to access digital dollar payments when building on L2 channels, as explained.
The collaboration “aligns ideally with our vision of creating a more interconnected and efficient digital ecosystem,” according to Jun Watanabe, Chairman of Sony Block Solutions Labs.
Circle CEO Jeremy Allaire stated, “This collaboration represents a significant milestone in our mission to expedite the adoption of our stablecoins and blockchain technology and to enable creators to thrive through secure, user-friendly Web3 experiences.”
Samsung Next, Samsung’s investment division, disclosed a strategic investment in Startale Labs, Sony’s L2 blockchain developer, in early September.
Furthermore, Soneium has partnered with Astar, Alchemy, Chainlink, Optimism, and The Graph.
Circle has a market share of 21% and a circulating supply of $35.7 billion, making it the world’s second-largest stablecoin issuer.
The supply of USDC has increased by 47% since the beginning of the year, but it is still 36% lower than its apex of $56 billion in June 2022.
Circle’s chief strategy officer and head of global policy, Dante Disparte, expressed his confidence in the widespread adoption of stablecoins as the currency of the internet era in a recent interview with Cointelegraph.
