Circle Expands USDC Stablecoin Usage on Soneium Blockchain
Circle is making strides to enhance the utilization of its USDC stablecoin by integrating it into the innovative Ethereum layer-2 blockchain known as Soneium, as announced on September 16.
Purpose of the Integration
This initiative aims to position the bridged USDC as a key token for value exchange on the Soneium network. Circle plans to implement its Bridged USDC Standard, allowing for the seamless deployment of bridged USDC on Ethereum Virtual Machine (EVM)-compatible blockchain platforms. This bridged version of USDC is intended to function as a substitute for the native USDC held on Ethereum.
About Soneium
Soneium, launched in August by Sony Block Solutions Labs, is an Ethereum layer-2 blockchain crafted for versatility. It encompasses various elements of entertainment, gaming, and finance, making it a general-purpose network.
Statements from Industry Leaders
Jun Watanabe, Chairman of Sony Block Solutions Labs, emphasized the transformative potential of this collaboration for digital entertainment and finance. He remarked:
“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’s CEO, Jeremy Allaire, shared similar sentiments, highlighting that this partnership will enhance the adoption of Circle’s stablecoin and blockchain technology. He stated:
“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.”
Growth of Soneium
This partnership comes at a pivotal time for Soneium, which is experiencing rapid growth. Shortly after its launch, Soneium has already formed partnerships with platforms such as Chainlink to enhance its capabilities.
USDC’s Growing Popularity
Circle’s USDC stablecoin has seen a surge in adoption recently, particularly due to the expanding Coinbase-backed Ethereum layer-2 network, Base. According to data from Artemis, USDC’s monthly transfer volume has exceeded $587 billion in the past 30 days.
Currently, Circle’s USDC is the second-largest stablecoin, boasting a circulating supply of approximately $35 billion, as reported by CryptoSlate.
