Stablecoin issuer and fintech firm Circle has entered into a collaboration with Sony Block Solutions Labs to expand USDC adoption on the firm’s layer-2 blockchain, Soneium.
On Sept. 15, Circle announced the partnership with Sony’s blockchain division to integrate its Bridged USDC Standard and establish the stablecoin as one of Soneium’s primary tokens for value exchange.
“This marks a significant milestone to set the stage for a new era of creativity in the Web3 space,” the firm stated.
Source: Circle
Soneium is a public Ethereum layer-2 blockchain developed by Sony Block Solutions Labs and launched in August 2024. Sony Block Solutions Labs is a joint venture with Sony Group Corporation and Startale Labs established to build a new network infrastructure using distributed ledger technology.
The Bridged USDC Standard is a specification and process for deploying a bridged form of the stablecoin on Ethereum Virtual Machine (EVM)-compatible blockchains. The asset “serves as a proxy” for native USDC on Ethereum, which enables developers building on L2 chains to access digital dollar payments, it explained.
Chairman of Sony Block Solutions Labs, Jun Watanabe, said that the collaboration “aligns ideally with our vision of creating a more interconnected and efficient digital ecosystem.”
“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,” said Circle CEO Jeremy Allaire.
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In early September, Samsung’s investment division, Samsung Next, announced a strategic investment in Startale Labs, Sony’s L2 blockchain developer.
Additionally, Soneium has also partnered with Astar, Alchemy, Chainlink, Optimism, and The Graph.
Circle is the world’s second-largest stablecoin issuer, with a circulating supply of $35.7 billion, giving it a market share of 21%.
USDC supply has increased 47% since the beginning of this year, though it remains down 36% from its peak of $56 billion in June 2022.
USDC supply growth 1 year. Source: CoinGecko
In a recent interview, Dante Disparte, chief strategy officer and head of global policy at Circle, told Cointelegraph that the firm is “confident that there will be mainstream adoption of stablecoins as the money for the internet age.”
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