According to a September 16 announcement from CoinMarketCap , Circle is planning to expand the use of its USDC stablecoin onto the emerging Ethereum Layer-2 blockchain network, Soneium.
The move aims to make bridge USDC the primary Token for value exchange on Soneium. This will use Circle ’s Bridge USDC Standard, which will allow bridge USDC to be deployed on Ethereum Virtual Machine-compatible blockchains. Bridge USDC acts as a proxy for native USDC held on Ethereum .
Soneium, developed by Sony Block Solutions Labs, is a Layer-2 Ethereum blockchain launched in August. The network is designed to be a multi-purpose blockchain, combining elements from entertainment, gaming, and finance.
Jun Watanabe, President of Sony Block Solutions Labs, highlighted the potential of this collaboration to revolutionize digital entertainment and finance. He said:
“This partnership is fully aligned with our vision of creating a more connected and efficient digital ecosystem. We are excited about the potential this partnership opens up, not only for technological advancement but also for delivering tangible benefits to Soneium and its users around the world.”
Circle CEO Jeremy Allaire agreed, saying that the partnership will accelerate the adoption of Circle's stablecoin and blockchain technology. He said:
“This partnership marks a significant milestone in Circle ’s mission to accelerate the adoption of stablecoins and blockchain technology, and empower innovators to thrive through secure and user-friendly Web3 experiences.”
The partnership comes amid rapid growth for Soneium, which has partnered with platforms like Chainlink to improve its services just a month after its launch.
Circle ’s stablecoin USDC has seen widespread adoption over the past few months thanks to the growth of Coinbase -backed Layer-2 Ethereum network Base. Data from Artemis shows that its monthly transfer volume has surpassed $587 billion in the past 30 days.
Circle 's USDC is the second-largest stablecoin with a total circulating supply of about $35 billion, according to data from CoinMarketCap .
