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On September 15, Circle, the issuer of USD Coin (USDC), announced a pivotal partnership with Sony Block Solutions Labs to expand the adoption of its stablecoin. This collaboration will integrate Circle’s Bridged USDC Standard onto Sony’s Ethereum layer-2 blockchain, Soneium, positioning USDC as one of the key tokens for transactions within the Soneium ecosystem.
“This marks a significant milestone to set the stage for a new era of creativity in the Web3 space,” Circle commented on the partnership. The initiative aims to foster more seamless digital dollar payments, enabling developers building on Soneium to access USDC for various decentralized applications (dApps) and use cases.
Setup Details
Soneium was launched in August this year as part of a broader effort to establish a more interconnected digital economy. Developed through a joint venture between Sony Group Corporation and Startale Labs, Soneium sets to offer a scalable and efficient infrastructure using distributed ledger technology.
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Circle’s Bridged USDC Standard plays a key role in this ecosystem by allowing a bridged version of USDC to operate on Ethereum Virtual Machine (EVM)-compatible blockchains. Acting as a “proxy” for native USDC on Ethereum, this setup enables smooth, digital dollar payments across layer-2 chains like Soneium, thereby simplifying the user experience and boosting adoption.
Jun Watanabe, Chairman of Sony Block Solutions Labs, highlighted the importance of this partnership, saying, “The collaboration aligns with our vision of creating a more interconnected and efficient digital ecosystem.” Circle’s CEO, Jeremy Allaire, echoed the sentiment, emphasizing that this partnership will empower creators and innovators to benefit from secure, user-friendly Web3 experiences.
Broader Implications
This collaboration is not an isolated development in Sony’s blockchain efforts. Earlier in September, Samsung’s investment division, Samsung Next, announced a strategic investment in Startale Labs, Soneium’s blockchain developer, underscoring the growing interest in blockchain technology from major tech companies.
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Furthermore, Sony Bank, the financial arm of Sony Group, is exploring the potential of developing a stablecoin tied to the Japanese Yen, which could have major implications for the stablecoin market.
As the second-largest stablecoin issuer, Circle currently has a market cap of $35.7 billion in USDC. Though Tether (USDT) remains the market leader with a $118 billion market cap, Circle’s collaboration with Sony Block Solutions Labs represents a strategic push to strengthen its position in the stablecoin market.
