Circle Partners With Sony to Expand USDC Adoption

Stablecoin issuer and fintech company Circle has partnered with Sony Block Solutions Labs to promote USDC adoption on Sony's layer-2 blockchain, Soneium.

On September 15, Circle announced the collaboration with Sony's blockchain division, aiming to integrate its Bridged USDC Standard and establish the stablecoin as one of Soneium's main tokens for value exchange.

“This marks a significant milestone to set the stage for a new era of creativity in the Web3 space,” the company stated.

Soneium is a public Ethereum layer-2 blockchain developed by Sony Block Solutions Labs, launched in August 2024.

Sony Block Solutions Labs is a joint venture between Sony Group Corporation and Startale Labs, created to build new network infrastructure using distributed ledger technology.

The Bridged USDC Standard is a specification and process that enables the deployment of a bridged version of the stablecoin on Ethereum Virtual Machine (EVM)-compatible blockchains.

The asset “serves as a proxy” for native USDC on Ethereum, allowing developers on L2 chains to access digital dollar payments.

Jun Watanabe, Chairman of Sony Block Solutions Labs, said that this partnership “aligns ideally with our vision of creating a more interconnected and efficient digital ecosystem.”

Circle CEO Jeremy Allaire added, “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.”

In early September, Samsung’s investment arm, Samsung Next, announced a strategic investment in Startale Labs, the developer of Sony's L2 blockchain.

Additionally, Soneium has established partnerships with Chainlink, Chainlink, Astar, Alchemy, and Optimism.

Circle is the world’s second-largest stablecoin issuer, with a circulating supply of $35.7 billion, accounting for 21% of the market share.

While USDC's supply has grown by 47% since the beginning of this year, it is still down 36% from its peak of $56 billion in June 2022.

In a recent interview, Dante Disparte, Circle’s chief strategy officer and head of global policy, told Cointelegraph that the company is “confident that there will be mainstream adoption of stablecoins as the money for the internet age.”

Sources:

https://cointelegraph.com/news/stablecoin-issuer-circle-partners-sony-blockchain-lab-usdc-expansion

https://www.circle.com/en/pressroom/circle-and-sony-block-solutions-labs-to-enable-usdc-on-soneium

https://x.com/circle/status/1835515181600067849

https://www.samsungnext.com/blog/why-we-invested-in-startale