Key Points
Circle, a stablecoin issuer, has entered into a strategic partnership with Sony Block Solution Labs. They aim to extend the range of stablecoins supported on Soneium. Soneium is a public layer-2 network constructed on Ethereum.
According to a press release (https://www.circle.com/en/pressroom/circle-and-sony-block-solutions-labs-to-enable-usdc-on-soneium) issued on September 16, Circle stated that Soneium will incorporate Circle’s Bridged USDC Standard. This move will make bridged USDC one of the first assets available for value exchange on the platform.
Benefits of Bridged USDC Standard
The Bridged USDC Standard enables developers to deploy a form of USDC compatible with Ethereum Virtual Machine blockchains. The network retains the option for a seamless upgrade to native issuance in the future, as per Circle. However, no specific timeline has been given for when native USDC might be supported.
Jun Watanabe, chairman of Sony Block Solutions Labs, expressed his views on the partnership. He believes it is in line with the firm’s goal of creating a more interconnected and efficient digital ecosystem. This partnership announcement comes two weeks after Samsung Next’s venture capital arm declared its participation in the Soneium Spark program. They made an investment in Startale Labs, a company based in Singapore.
Sony introduced Soneium in late August, along with a three-year roadmap for the blockchain. The initial focus will be on web3 users. Plans are in place to onboard Sony Music, Sony Pictures, and Sony Bank in the second year. By the third year, the platform will be open to enterprises and decentralized applications.