- USDC issuer Circle has closed a partnership deal with Sony’s blockchain division to promote USDC global usage.
The Boston-based fintech Circle announced on Sunday, September 15, plans to enter into a strategic partnership with Sony Singapore initiative Sony Block Solution Labs. The partnership aims to introduce Bridged USDC to Sony’s blockchain network, Sonieum.
The development aligns with Circle’s mission of integrating its USDC across multiple blockchain protocols to push for mainstream adoption of USDC.
Circle Betting Big on Bridged USDC Integration on Sonieum Network
According to the announcement, the second largest stablecoin issuer by market cap projects that imminent integration of Bridged USDC to layer -2 blockchain network will propel innovation and creativity to Sonieum.
Launched early last month, Sonieum is a Layer-2 network for scaling Ethereum. Its decentralized nature offers developers unmatched opportunities to create projects on Sonieum.
Through the partnership, Circle will boost its profile as the leading financial technology offering the end-user endless opportunities to complete secure, borderless, and seamless transactions on the Sonieum network.
Also, the USDC issuer believes that the partnership with Sony will allow Circle to deepen its roots in the financial sector.
How Will Bridged USDC Integration Drive Innovation on Sonieum Network?
Under the partnership agreement, Sonieum agreed to abide by Circle’s implementation plan of Bridged USDC. A Bridged USDC refers to stablecoins that have been moved from the Ethereum network to other blockchains.
The partners will use USDC as the primary token for completing transactions with Ethereum Virtual Machine (EVM) compatible blockchain such as Sonieum.
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This integration will allow the developers building on this Layer-2 network to use a digital dollar payment method.
Will Bridged USDC Integration on Sonieum Pay Off?
As Circle seeks to straddle the traditional financial sector with crypto, the company has invested heavily in integrating USDC into the new blockchain network. The proposed integration aims to outperform its top rival, Tether, in stablecoin issuance.
According to CoinGecko, USDC’s supply reached $35 trillion, ranking as the second largest stablecoin, slightly below the USDT stablecoin. With the ongoing development, USDC has recorded promising growth, with a 47% increase in supply since January. Furthermore, its stability in a volatile crypto market has attracted optimism from industry players.
An announcement conveyed by the chairman of Sony Block Solutions Labs, Jun Watanabe, reveals that the integration of USDC on the newly launched blockchain aligns with the company’s goal. He anticipates that the integration of Bridged USDC will support the growth of the Soneium ecosystem.
If the proposed integration goes as planned, Watanabe believes that the partnership will positively impact the entertainment, finance, and gaming industries. Also, the executive envisions the partnership to promote thriving digital economies.
In a separate report, the chief executive of Circle, Jeremy Allaire, was pleased to announce the partnership with Sony Blockchain Solutions Lab. The CEO forecast that partners will promote USDC usage across various blockchain sectors through collaborative efforts.
Allaire restated that the partnership aligns with Cirle’s objective of pushing for crypto adoption. He anticipates that Circle and Sony will offer exclusive Web3 experiences to developers.
Is Circle Eying for Global Expansion?
The partnership with Sony was announced a day after the stablecoin issuer confirmed the relocation of its head office to New York. The fintech company plans to move the head office to New York World Trade 1.
The relocation scheduled for 2025 aims to position Circle at an iconic location to attract a sustainable customer base and investors.
The relocation aims to solidify Circle’s market position at the heart of the American economy. New York ranks among the leading countries with the highest crypto adoption, as per Chainalysis. This will support Circle in fostering economic growth and tapping into top-tier talents to drive company success. To keep up to date with Circle’s latest developments, follow TheBITJournal.
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