Sony Electronics to Accept USDC Stablecoin Payments in Singapore, Facilitated Through Crypto.com

USDC stablecoin issuer Circle submitted its IPO filing to US SEC to go public on the New York Stock Exchange (NYSE).

Tech giant Sony Electronics will accept USDC stablecoin payments in Singapore, transactions for which will be facilitated by Crypto.com’s payment services, the company announced on Monday.

The company will accept USDC stablecoin payments in Singapore via Crypto.com Pay, a service that allows users to pay with crypto at supported merchants. The move comes at a time when USDC issuer Circle submitted an S-1 filing to the US Securities and Exchange Commission (SEC) to launch its own Initial Public Offering (IPO).

“We’re pushing to make paying in crypto more mainstream,” said Chin Tah Ang, General Manager of Crypto.com Singapore.

Currently, the service is limited to one cryptocurrency, but Sony plans to support more in the future. The move is in line with the company’s broader push into blockchain and Web3 technologies across its global operations.

Earlier this year, Sony debuted its Ethereum Layer-2 blockchain Soneium to support different use cases such as creator tools, digital collectibles, etc., to drive in-game economics.

During its testing phase in September, Soneium integrated support for bridged USDC, establishing it as a key transaction option for apps built on the network.

The news comes as USDC issuer Circle submitted its IPO filing to US SEC for a planned listing of its shares on the New York Stock Exchange (NYSE).

According to a report by The Block, the company submitted the Form S-1 registration to the SEC on Monday, planning to list its Class A common stock on the NYSE under the symbol “CRCL”.

The filing revealed that Circle generated $1.67 billion in revenue for 2024, marking a 16% year-over-year increase. However, net income dropped to $155.6 million, a 41.8% decline from 2023, while the company reported a $761.7 million net loss in 2022.

Over the last year, Circle’s market cap has nearly doubled to over $60 billion, following strong demand for the stablecoin.

The company’s stablecoin is also being integrated into European payment services, giving it an edge over rival Tether in the region, as it will be a stablecoin that is compliant with the upcoming Markets in Crypto-Assets (MiCA) regulations.

The filing disclosed that over 99% of Circle’s revenue last year stemmed from its stablecoin reserves, with the company earning income through yield-bearing Treasury bills.

The company also holds $6.2 million in Bitcoin, $5.6 million in Sui, and over $3.3 million in Ethereum, along with smaller holdings in Sei, Aptos, and Optimism.