Circle and Sony- Stablecoin Issuer Circle Teams Up with Sony Block Solutions Labs
Circle and Sony– Circle, a leading stablecoin issuer and fintech firm, has announced a new collaboration with Sony Block Solutions Labs. This partnership aims to expand the adoption of USDC on Sony’s layer-2 blockchain, Soneium. The deal, revealed on September 15, will integrate Circle’s Bridged USDC Standard into Soneium, making it a primary token for value exchange on the platform.
Soneium: A New Frontier in Layer-2 Blockchain Technology
Soneium, a public Ethereum layer-2 blockchain developed by Sony Block Solutions Labs, was officially launched in August 2024. Sony Block Solutions Labs is a joint venture between Sony Group Corporation and Startale Labs, created to advance network infrastructure through distributed ledger technology.
Bridged USDC Standard: Enhancing Digital Dollar Payments
The Bridged USDC Standard is a specification designed to deploy a bridged version of USDC on Ethereum Virtual Machine (EVM)-compatible blockchains. This bridged asset acts as a proxy for the native USDC on Ethereum, allowing developers on layer-2 chains to facilitate digital dollar payments more effectively.
Jun Watanabe, Chairman of Sony Block Solutions Labs, expressed enthusiasm about the partnership, stating that it aligns perfectly with their vision of creating a more interconnected and efficient digital ecosystem.
Circle’s Mission and Strategic Vision
Circle CEO Jeremy Allaire highlighted the significance of this collaboration, noting that it represents a major milestone in accelerating the adoption of stablecoins and blockchain technology. The aim is to empower creators by providing secure, user-friendly Web3 experiences.
Recent Investments and Partnerships
In early September, Samsung Next, the investment arm of Samsung, made a strategic investment in Startale Labs, further supporting the development of Sony’s layer-2 blockchain. Additionally, Soneium has formed partnerships with several prominent entities, including Astar, Alchemy, Chainlink, Optimism, and The Graph.
Circle’s Market Presence and Future Outlook
Circle is recognized as the world’s second-largest stablecoin issuer, with a circulating supply of $35.7 billion and a market share of 21%. Although the supply of USDC has increased by 47% since the beginning of the year, it is still 36% below its peak of $56 billion in June 2022. In a recent interview, Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy, expressed confidence in the mainstream adoption of stablecoins as essential for the digital age.
This partnership between Circle and Sony Block Solutions Labs marks a notable advancement in the adoption and integration of stablecoins within the evolving blockchain ecosystem.
FAQs
What is the recent partnership between Circle and Sony Block Solutions Labs about?
Circle and Sony Block Solutions Labs have teamed up to integrate Circle’s Bridged USDC Standard into Sony’s layer-2 blockchain, Soneium. This collaboration aims to make USDC one of the primary tokens for value exchange on Soneium, which is an Ethereum layer-2 blockchain launched in August 2024.
What is Soneium?
Soneium is a public Ethereum layer-2 blockchain developed by Sony Block Solutions Labs. It was officially launched in August 2024 and is part of a joint venture between Sony Group Corporation and Startale Labs. The blockchain is designed to enhance network infrastructure using distributed ledger technology.
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