Circle, the financial technology firm and issuer of the USDC stablecoin, has partnered with Sony Blockchain Solutions Lab, a Singapore-based unit of Sony Group. The collaboration aims to expand the adoption of USDC, the cryptocurrency market’s second-largest stablecoin.
Integration of Bridged USDC Standard
In a Sept. 15 announcement, Circle revealed that the Bridged USDC Standard will be integrated with Sony’s newly created blockchain protocol, Soneium, making USDC the primary digital asset for transactions and value transfers on the platform.
Launched in August 2024, Soneium will be the Ethereum $2,417 is a Layer-2 Blockchain designed to scale its network. The protocol aims to increase adoption of the crypto ecosystem by attracting application developers from industries such as entertainment, gaming, and finance.
Despite being in beta, Soneium has formed this important partnership with Circle, a global crypto-focused financial services firm, through which Soneium will follow Circle’s implementation process to incorporate Bridged USDC.
Circle noted 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, allowing developers on the Soneium network to easily integrate digital dollar payments into their applications.
Consolidation of Blockchains
Circle explained that Bridged USDC offers flexibility to blockchains that integrate the infrastructure into their platforms. According to the company, blockchains using 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, said the integration of Circle’s stablecoin infrastructure aligns with their vision to create a more connected ecosystem for Soneium. “By integrating Circle’s financial infrastructure with Soneium, we are ready to reshape the landscape of digital entertainment and finance. This collaboration is ideally aligned with our vision of creating a more connected and efficient digital ecosystem,” Watanabe said.
“This partnership with Sony Blockchain Solutions Lab is an important step towards driving adoption of the USDC stablecoin across blockchains,” said Jeremy Allaire, CEO of Circle. “This collaboration is a significant milestone in our mission to accelerate adoption of our stablecoins and blockchain technology, and empower creators to thrive through secure, user-friendly Web3 experiences.”
Circle’s Global Expansion Plans
Circle has announced plans to open a new international office in New York City in an effort to increase global usage of its USDC stablecoin. The office, which is set to open in early 2025, will be located on the 87th floor of One World Trade Center in Manhattan.
In July, the company announced that it had added 137 new members to its team, bringing its total number of employees worldwide to approximately 882.
This collaboration between Circle and Sony Blockchain Solutions Lab aims to accelerate the adoption of stablecoin technology and blockchain infrastructure across industries. The integration of USDC into the Soneium network provides developers with the opportunity to integrate digital dollar payments into their applications, contributing to a more connected and efficient digital ecosystem on a global scale.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
