Circle's USDC to Become Native Stablecoin on Sony's Soneium Blockchain

By: Eva Baxter

Circle is set to extend the use of its USDC stablecoin to the Soneium blockchain, a new Ethereum Layer-2 network developed by Sony Block Solutions Labs. According to a recent statement, this move aims to make bridged USDC an integral token for value exchange on Soneium. The deployment utilizes Circle’s Bridged USDC Standard, allowing the stablecoin to operate on Ethereum Virtual Machine (EVM)-compatible blockchains. Bridged USDC serves as a proxy for native USDC held on Ethereum.

Soneium, launched in August, is designed to be a versatile blockchain that blends elements from entertainment, gaming, and finance. The initiative aligns perfectly with Sony Block Solutions Labs' vision of creating a more interconnected digital ecosystem. Jun Watanabe, Chairman of Sony Block Solutions Labs, stated, "This collaboration aligns ideally with our vision of creating a more interconnected and efficient digital ecosystem. We are excited about the potential this partnership unlocks, not just for technological advancement, but for delivering tangible benefits to Soneium and users worldwide."

Circle CEO Jeremy Allaire echoed this sentiment, noting that the collaboration marks a significant milestone for Circle's mission. He said, "This collaboration marks a significant milestone for Circle’s mission to accelerate the adoption of our stablecoins and blockchain technology, and empower creators to flourish through secure, user-friendly Web3 experiences."

This partnership comes during a period of rapid growth for Soneium. Despite being launched just a month ago, the network has already integrated with platforms like Chainlink to enhance its capabilities. Over the past months, Circle's USDC stablecoin has enjoyed growing adoption, thanks to the growth of the Coinbase-backed Ethereum layer-2 network, Base. Data from Artemis shows that USDC's monthly transfer volume surpassed $587 billion in the past 30 days.

Circle's USDC remains the second-largest stablecoin with a circulating supply of around $35 billion. As both Circle and Sony continue to push the boundaries of what's possible in the digital economy, this partnership is expected to unlock new opportunities and create more efficient financial ecosystems.