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Stablecoin issuer Circle has announced a strategic partnership with Sony Block Solutions Labs to expand the use of its stablecoin, USDC, on Sony’s new layer-2 blockchain, Soneium. The collaboration, unveiled on September 15, aims to position USDC as the standard currency for Web3 creators operating on the Soneium blockchain.
Circle’s partnership with Sony Block Solutions Labs will integrate the Bridged USDC Standard into Soneium, establishing USDC as one of the blockchain’s primary tokens for value exchange. Circle described this as a major step in driving the next phase of Web3 innovation.
Soneium, which launched in August 2024, is a public Ethereum layer-2 blockchain developed by Sony Block Solutions Labs, a joint venture between Sony Group Corporation and Startale Labs. The goal is to build a cutting-edge blockchain network infrastructure leveraging distributed ledger technology.
The Bridged USDC Standard enables developers on Ethereum Virtual Machine (EVM)-compatible blockchains, like Soneium, to use a bridged version of USDC. This version acts as a proxy for native USDC on Ethereum, allowing developers to tap into digital dollar payments for seamless integration across layer-2 chains.
Jun Watanabe, Chairman of Sony Block Solutions Labs, emphasized the importance of the collaboration, stating that it aligns perfectly with their vision of creating a more interconnected and efficient digital ecosystem. Circle CEO Jeremy Allaire echoed this sentiment, noting that the partnership would accelerate the adoption of stablecoins and blockchain technology while empowering creators with secure, user-friendly Web3 experiences.
This partnership follows a recent strategic investment by Samsung’s investment arm, Samsung Next, in Startale Labs, the developer behind Sony’s layer-2 blockchain. Additionally, Soneium has formed collaborations with key industry players like Astar, Alchemy, Chainlink, Optimism, and The Graph.
Circle remains a dominant force in the stablecoin market, currently the second-largest issuer with a circulating supply of $35.7 billion, representing a 21% market share. While USDC supply has increased by 47% since the start of 2024, it is still down 36% from its June 2022 peak of $56 billion.
Circle’s leadership believes the adoption of stablecoins will continue to grow. In a recent interview, Dante Disparte, Circle’s Chief Strategy Officer, expressed confidence in stablecoins becoming the “money for the internet age,” driving mainstream adoption in the digital economy.
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