Circle, a prominent issuer of stablecoins, has announced a strategic partnership with Sony Block Solutions Labs to enhance the adoption of its stablecoin, USDC, on Sony’s layer-2 blockchain, Soneium. The collaboration, unveiled on September 15, aims to integrate Circle’s Bridged USDC Standard, positioning USDC as a key token for value exchange within the Soneium ecosystem. This initiative is viewed as a pivotal step toward fostering innovation in the Web3 landscape.
Soneium is a public Ethereum layer-2 blockchain, developed and launched in August 2024 as a collaborative venture between Sony Group Corporation and Startale Labs. This infrastructure aims to leverage distributed ledger technology to provide improved network capabilities. The Bridged USDC Standard represents a structured approach to implementing a bridged variant of USDC on Ethereum Virtual Machine (EVM)-compatible platforms, enabling developers on layer-2 chains to integrate digital dollar payment solutions seamlessly.
The partnership aligns with Sony Block Solutions Labs’ vision of cultivating a more connected and efficient digital ecosystem. Simultaneously, it emphasizes Circle’s commitment to advancing the use of stablecoins and blockchain technology, aiming to empower creators through intuitive and secure Web3 experiences.
This collaboration comes on the heels of Samsung Next’s recent investment in Startale Labs, further solidifying support for the development of Soneium. The blockchain project has also established partnerships with notable entities such as Astar, Alchemy, Chainlink, Optimism, and The Graph, highlighting a robust network of collaboration aimed at enhancing ecosystem functionality.
Circle holds the position of the second-largest stablecoin issuer globally, with a circulating supply of approximately $35.7 billion, translating to a 21% market share. Although the supply of USDC has witnessed a 47% increase since the start of the year, it remains 36% below its peak of $56 billion recorded in June 2022, indicating fluctuating market dynamics in the stablecoin sector.
