Sony and Circle Partner to Bring USDC to New Ethereum Layer 2 Blockchain Soneium

TLDR:

Circle and Sony Block Solutions Labs announce collaboration on Soneium blockchain
Bridged USDC to be integrated as a primary token on Soneium
Soneium is a new Ethereum layer 2 blockchain launched by Sony in August 2024
The collaboration aims to drive innovation in digital entertainment and finance
Circle sees this as a significant step in expanding USDC adoption and blockchain technology

Circle, the company behind the USDC stablecoin, has announced a partnership with Sony Block Solutions Labs to integrate bridged USDC on Soneium, Sony’s recently launched Ethereum layer 2 blockchain.

This collaboration marks a significant development in the world of cryptocurrencies and blockchain technology, bringing together a major tech company and a leading stablecoin issuer.

Soneium, which was launched in August 2024, is designed as a versatile, general-purpose blockchain aimed at serving diverse needs across various industries. The integration of bridged USDC is expected to provide a stable foundation for value exchange on the platform, enabling seamless and secure transactions for users and creators alike.

The bridged USDC on Soneium will use Circle’s Bridged USDC Standard, which allows for the deployment of a bridged form of USDC on Ethereum Virtual Machine (EVM)-compatible blockchains.

This bridged USDC acts as a proxy for native USDC held on the Ethereum mainnet, providing the benefits of USDC while operating on the layer 2 network.

Jun Watanabe, Chairman of Sony Block Solutions Labs, expressed enthusiasm about the collaboration, stating that it aligns with their vision of creating a more interconnected and efficient digital ecosystem. He emphasized the potential of this partnership to redefine the landscape of digital entertainment and finance.

Jeremy Allaire, Co-Founder and CEO of Circle, echoed this sentiment, describing the collaboration as a significant milestone in Circle’s mission to accelerate the adoption of stablecoins and blockchain technology. Allaire highlighted the potential for empowering creators through secure, user-friendly Web3 experiences.

The partnership comes at a time of rapid growth for Soneium. In the month since its launch, the network has already partnered with other blockchain projects like Chainlink to enhance its services. This collaboration with Circle is expected to further boost Soneium’s appeal and functionality.

For Circle, this move represents an expansion of USDC’s reach and utility. USDC has already seen significant adoption on other platforms, with its monthly transfer volume surpassing $587 billion in the past 30 days, according to data from Artemis.