Circle is looking to extend the use of its USDC stablecoin to the new high-flying Ethereum layer-2 blockchain network, Soneium, according to a Sept. 16 statement shared with CryptoSlate.
The move aims to make bridged USDC a integral token for value exchange on Soneium. This will utilize Circle's Bridged USDC Standard, enabling the deployment of bridged USDC on Ethereum Virtual Machine (EVM)-compatible blockchains. Bridged USDC acts as a proxy for native USDC held on Ethereum.
Soneium, developed by Sony Block Solutions Labs, is an Ethereum Layer-2 blockchain that launched in August. The network is designed to be a versatile, general-purpose blockchain that blends elements from entertainment, gaming, and finance.
Jun Watanabe, Chairman of Sony Block Solutions Labs, highlighted the collaboration's potential to transform digital entertainment and finance. He 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, stating that the collaboration will accelerate the adoption of Circle's stablecoin and blockchain technology. 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.”
The collaboration comes during Soneium's period of rapid growth. Just a month after its launch, the network has already partnered with platforms like Chainlink to improve its services.
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 its monthly transfer volume has surpassed $587 billion during the past 30 days.
Circle's USDC is the second-largest stablecoin with a circulating supply of around $35 billion, according to CryptoSlate data.