Circle has formed a partnership with Sony Block Solutions Labs to integrate its stablecoin USD Coin (USDC) on the Soneium blockchain. The layer 2 ecosystem of Ethereum can add the Bridged USDC standard and make it one of the main value exchange tokens.
Circle and Sony: the new integration of the stablecoin USDC on Soneium blockchain
Circle, the crypto company behind the second largest stablecoin by market cap, has announced the new partnership with Sony Block Solutions Labs, so that USDC will be integrated on Soneium blockchain.
In practice, the ecosystem of Ethereum layer 2, Soneium, will be able to integrate the new Bridged USDC standard.
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.
Read more about the collaboration here:… pic.twitter.com/0IRxrXhf5P
— Circle (@circle) September 16, 2024
“We are excited to announce our collaboration with Sony Block Solutions Labs to bring the bridged USDC to Soneium through our Bridged USDC Standard! This marks a significant milestone in laying the foundations of a new era of creativity in the Web3 space.”
The new strategic collaboration aims to promote innovation and creativity, with Soneium making Bridged USDC one of the main value exchange tokens of the blockchain.
In this way, Sony’s blockchain is said to be ready to unlock new opportunities for creators and users, enabling seamless, secure, and borderless transactions.
Circle and Sony: the Bridged USDC standard will be added on the Soneium blockchain
The standard Bridged USDC is a specification and a process for the distribution of a bridged form of USDC on Ethereum Virtual Machine (EVM) compatible blockchains.
In practice, this Bridged USDC acts as a proxy for the native USDC held on Ethereum, allowing developers building on layer 2 blockchains like Soneium to readily power their applications with digital dollar payments.
Following Circle’s standard implementation process for bridged USDC, Soneium maintains the possibility to seamlessly transition to native issuance in the future.
In this regard, Jun Watanabe, President of Sony Block Solutions Labs, commented:
“Integrating Circle’s financial infrastructure with Soneium, we are ready to redefine the landscape of entertainment and digital finance. This collaboration perfectly aligns with our vision of creating a more interconnected and efficient digital ecosystem. We are excited about the potential this partnership opens, not only for technological progress but also for offering tangible benefits to Soneium and users around the world.”
Minato public testnet and the launch of Spark
At the end of August, Sony Block Solutions Labs had announced the public testnet for Soneium, called Minato.
At the same time, the company also launched the incubation program for Web3 developers on Soneium, called Spark.
At the moment, the two Sony projects will work in tandem to provide an ecosystem for developers. In fact, while the testnet offers a solid environment for building and testing dApps, Spark enhances the growth of projects through expert mentoring and more.
The announcement came immediately after the presentation of Soneium to the public, which took place last August 23rd by Sony Block Solutions Labs.
