USDC issuing company Circle recently announced a strategic partnership with Sony Block Solutions Labs to expand the reach of USDC on layer-2 Soneium.
Circle Partners with Sony to Expand USDC on Layer-2 Soneium
On September 16, stablecoin issuer USDC Circle announced a partnership with Sony Block Solutions Labs to bring USDC to layer-2 Soneium. As part of this partnership, Soneium will integrate Bridged USDC Standard, establishing Bridged USDC as one of the primary stablecoins for transactions on the network.
We're excited to announce our collaboration with Sony Block Solutions Labs to bring bridged USDC on Soneium via our Bridged USDC Standard! This marks a significant milestone to set the stage for a new era of creativity in the Web3 space.
— Circle (@ Circle) September 16, 2024
Read more about the collaboration here:… pic.twitter.com/0IRxrXhf5P
Bridged USDC Standard is a process for deploying USDC as a bridged Token on EVM-compatible blockchains. It can be considered a representative version of the native USDC stablecoin to support developers building layer-2 applications like Soneium. If needed, Soneium can upgrade to the native USDC stablecoin without much difficulty.
Sony Block Solutions Labs President Jun Watanabe Chia :
“Integrating Circle into Soneium fits perfectly with our vision of building an efficient digital ecosystem.We are very excited about the potential of this partnership, not only to accelerate technological development but also to bring practical value to Soneium and its users globally."
Circle CEO Jeremy Allaire said:
“We are excited to partner with Sony Block Solutions Labs to redefine how creativity and innovation are supported in the digital age.This partnership marks a major milestone in Circle ’s mission to accelerate stablecoin and blockchain adoption, while empowering innovators to thrive in a secure and user-friendly Web3 environment.”
With a total supply of $35.5 billion, USDC is the second largest stablecoin on the market, holding 21% of the market share. Since the beginning of 2024, USDC 's supply has increased by a whopping 47%, rebounding strongly from the incident in March 2023 when Circle was stuck with $3.3 billion at the Silicon Valley Bank collapse. However, despite the significant growth, USDC 's Capital is still 36% lower than the $56 billion Capital cap reached in June 2022.
USDC Capital statistics since launch. Source: defillama (September 16, 2024)
Soneium is a high-performance layer-2 platform developed by Sony Corporation and Startale Labs to connect global users and break down cultural barriers through blockchain. Soneium is currently running the Minato testnet and the Soneium Spark program to support potential projects.
In addition to partnering with Circle, Soneium has also expanded its partnerships with many big names in the blockchain industry such as Astar, Alchemy , Chainlink , Optimism, and The Graph . Notably, this layer-2 recently joined hands with Pyth Network to deploy an oracle system on its network.
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