Stablecoin issuer Circle had added support for its Bridged USDC Standard on Sony’s Ethereum layer-2 network Soneium. Sony Block Solutions Labs to integrate Bridged USDC Standard on Soneium, a public Ethereum layer 2 blockchain ecosystem.
The partnership with Sony Block Solutions Labs, the team behind the new L2, will make USDC one of the primary tokens for value exchange on the platform, according to a joint statement from the companies.
The integration of bridged USDC is expected to ease the challenges developers have previously faced when handling stablecoins on layer 2 blockchains.
“We are thrilled to partner with Sony Block Solutions Labs to reimagine how innovation thrives in the digital economy,” stated Jeremy Allaire, Co-Founder and CEO of Circle. “This collaboration is a significant step in advancing stablecoin adoption and blockchain technology, empowering developers and users with more accessible Web3 experiences.”
Bridged USDC allows the deployment of USDC on Ethereum Virtual Machine (EVM)-compatible blockchains like Soneium, making digital dollar payments more accessible for developers building decentralized applications.
With this integration, developers on Soneium will find it easier to incorporate digital dollar payments into their decentralized applications, the companies noted.
By following Circle’s standard implementation process, Soneium retains the option for a future upgrade to native USDC issuance.
“This partnership perfectly aligns with our vision of creating a more interconnected and efficient digital ecosystem,” said Jun Watanabe, Chairman of Sony Block Solutions Labs. “We’re excited about the technological advancements and tangible benefits this will deliver to Soneium users worldwide.”
The integration is part of Circle’s ongoing efforts to drive stablecoin adoption. The company is also preparing for the launch of USDC support on Apple’s Tap-to-Pay feature, which will enable iPhone users to make USDC payments.
Circle’s global expansion comes as—to hear some experts tell it—the U.S. risks falling behind in stablecoin regulation.
In an interview with Decrypt during Korea Blockchain Week, Circle’s Vice President, Yam Ki Chan, warned about the lack of clear federal regulations, stating that other jurisdictions are moving faster to establish rules for the stablecoin sector.
USDC is the second-largest stablecoin on the market following Tether’s USDT, with USDC having a $35.6 billion market cap at present compared to USDT’s $118.8 billion cap, per data from CoinGecko.
Edited by Stacy Elliott.
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Source: https://decrypt.co/249635/usdc-is-now-supported-on-sony-ethereum-l2-soneium
