Circle has announced a transformative collaboration with Sony Block Solutions Labs to integrate USDC as the primary transaction token on the Soneium blockchain.
This strategic alliance aims to leverage Circle's Bridged USDC Standard, enabling Soneium — a new Ethereum layer-2 blockchain ecosystem — to enhance its transactional capabilities and foster a more connected digital economy.
In this partnership, Bridged USDC, a variant of the USDC stablecoin transferred from Ethereum to Soneium, will facilitate transactions.
The Bridged USDC mechanism locks USDC on the Ethereum blockchain and mints an equivalent amount on Soneium.
This ensures the value remains backed by the original deposit while offering flexibility across different blockchain platforms.
This integration positions Bridged USDC as a pivotal asset in Soneium’s ecosystem, enhancing its ability to handle secure, borderless transactions.
Jun Watanabe, Chairman of Sony Block Solutions Labs, highlighted the significance of this partnership:
“By integrating Circle’s financial infrastructure with Soneium, we are set to redefine the landscape of digital entertainment and finance. This collaboration aligns ideally with our vision of creating a more interconnected and efficient digital ecosystem.”
Watanabe’s remarks highlight the ambitious scope of the project, which aims to revolutionise content creation, distribution, and fan engagement within Sony’s entertainment services.
Soneium, currently in its testing phase, is projected to launch its mainnet in 2025.
The platform is designed to support a diverse range of applications across industries such as entertainment, gaming, and finance.
With Bridged USDC as a core token, Soneium plans to offer tools for developers to create decentralised applications (dApps) leveraging Sony’s robust infrastructure.
This initiative is expected to open new avenues for decentralised services linked to Sony’s products, providing a versatile foundation for future innovations.
Circle, a leading global financial technology firm and issuer of USDC, is also expanding its presence in the stablecoin market.
As the world’s second-largest stablecoin issuer, USDC has a circulating supply of $35.7 billion, representing a 21% market share.
Circle’s Bridged USDC Standard facilitates seamless integration of digital dollar payments on layer-2 blockchains, such as Soneium.
The company’s efforts to broaden USDC’s adoption align with its mission to accelerate stablecoin utilisation and empower creators through secure, user-friendly Web3 experiences.
The collaboration between Circle and Sony follows several strategic moves by both companies.
In early September 2024, Samsung Next invested in Startale Labs, Sony’s blockchain developer, signalling growing support for Soneium.
Additionally, Soneium has formed partnerships with notable blockchain entities including Astar, Transak, Alchemy, Chainlink, Optimism, and The Graph.
Circle, meanwhile, has been enhancing its Web3 services, including expanding USDC integration on Solana and introducing NFC contactless transactions on iPhones.
In a bid to further its global reach, Circle plans to open a new international office in New York City in early 2025, located on the 87th floor of One World Trade Center.
One World Trade Center
This expansion follows a significant increase in Circle’s workforce, with 137 new hires bringing the total headcount to approximately 882 globally.
This move reflects Circle’s commitment to driving the adoption of stablecoin technology and advancing its strategic objectives in the blockchain space.
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KikyoCircle’s EURC stablecoin is now live on Base, an Ethereum Layer 2 network, offering faster and cheaper euro transactions. With support from major industry players and a proven track record of USDC’s success on Base, EURC is set to enhance liquidity and global financial accessibility.
Anais
WenJunCircle partners with Sony to introduce USDC on Soneium, a Layer 2 Ethereum blockchain, enhancing digital payments and blockchain integration in Sony's ecosystem.
Huang BoSony Bank is launching a stablecoin pegged to the Japanese Yen in collaboration with the Layer 2 Ethereum blockchain, Soneium. This move aims to lower transaction costs and boost Japan's digital asset market, while other leaders like Justin Sun explore gas-free stablecoin solutions.
AnaisSony BSL launched the "Soneium Minato" public testnet for Ethereum Layer-2 developers and introduced the "Soneium Spark" incubation programme for Web3 developers, creating a comprehensive ecosystem for innovation on the platform.
CatherineWhile Sony's initiative offers promising resources for developers, the effectiveness of these efforts in establishing Soneium as a leading blockchain platform remains to be proven.
WenJunSoneium represents a significant milestone in Web3 adoption, blending Sony's global reach with Startale's blockchain innovation. As the platform gears up for its testnet launch, it aims to empower developers and users alike, driving unprecedented growth and setting the stage for a new era of blockchain applications.
Dante