The project seeks to integrate Circle's Bridged USDC Standard, making the stablecoin one of the key tokens for value exchange on the blockchain.
Stablecoin issuer Circle and Sony Block Solutions Labs have announced a collaboration to integrate USDC into Soneium, a Layer-2 Ethereum network by Sony. This move aims to enhance the adoption of USDC in Web3 and bolster the digital payment ecosystem.
The collaboration will see Circle’s Bridged USDC Standard be integrated into Soneium, making USDC one of the primary tokens for value exchange on the blockchain network. This integration is designed to facilitate seamless payments and a more interconnected creator economy.
Soneium, a public Layer-2 blockchain launched in August 2024 by a joint venture between Sony Group Corporation and Startale Labs, serves as a high-speed, low-cost platform for Web3 development. This partnership aims to accelerate the adoption of USDC in the Web3 space, enhancing digital payments and paving the way for a more integrated ecosystem for creators.
The Bridged USDC Standard enables a proxy version of the stablecoin to operate on EVM-compatible networks, allowing developers to incorporate digital currency payments into L2 networks. This broadens the use cases for decentralized applications (dApps) on these networks.
According to Circle’s CEO, Jeremy Allaire, this integration marks a significant step in Circle’s mission to create user-friendly and secure blockchain experiences, which are essential for the mainstream adoption of Web3 technologies.
This alliance also presents new opportunities for developers, as Soneium provides the infrastructure necessary to build decentralized applications (dApps). Users will be able to utilize Sony products in innovative and decentralized ways, thanks to the integration of Web3 technology into the vast array of entertainment experiences offered by the company.
"This collaboration aligns perfectly with our vision for a more connected and efficient digital ecosystem, where creators and users can seamlessly interact and engage in the Web3 space," said Jun Watanabe, Chairman of Sony Block Solutions Labs, regarding the partnership.
This news comes as Circle's USDC supply is set to increase by 47% in 2024, solidifying its presence in the stablecoin market. However, it still trails its peak of $56 billion in 2022. This strategic move is expected to benefit both developers and users on Soneium's burgeoning platform, bolstering Circle's goal of establishing USDC as the internet's native currency.
Soneium's partnership drive continues as USDC encounters a slight decline. At the time of writing, USDC is up 0.002% over the last 24 hours, trading at $0.99.
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