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Circle has been working to enhance the global use of the USDC stablecoin. In a recent move to boost USDC adoption, the company announced plans to open a new international office in New York City.
Key Notes
Circle teams up with Sony's blockchain division to promote broader use of the USDC stablecoin across new blockchain platforms.Sony’s newly developed Soneium blockchain will incorporate Circle’s USDC as a key digital currency for value transactions.The partnership seeks to bring blockchain-powered digital dollar payments to developers in the gaming, finance, and entertainment sectors .Circle, a leading financial technology firm and issuer of the USDC USDC $1.00 24h volatility: 0.4% Market cap: $35.69 B Vol. 24h: $72.66 B stablecoin, has partnered with Sony Blockchain Solutions Lab, a division of the Sony Group based in Singapore. This collaboration aims to expand the adoption of USDC, the second-largest stablecoin in the cryptocurrency market.
In a September 15 announcement, Circle disclosed that its Bridged USDC Standard will be integrated with Sony’s newly created blockchain protocol, Soneium. This integration will make USDC a primary digital asset for transactions and value exchange on the platform.
Bridged USDC Standard Integration
Soneium was introduced into the crypto market in August 2024 as a layer-2 blockchain designed to scale the Ethereum network. The protocol aims to further bolster the adoption of the crypto ecosystem by attracting app developers from industries such as entertainment, gaming, and finance.
Despite being in its beta phase, Soneium has already forged this notable partnership with Circle, a global financial services firm focused on crypto. Through this collaboration, Soneium will follow the company’s implementation process to incorporate Bridged USDC.
Circle explained that this version of USDC is intended for deployment on Ethereum Virtual Machine (EVM)-compatible blockchains. It acts as a proxy for the native USDC held on Ethereum, allowing developers on the Soneium network to integrate digital dollar payments into their applications easily.
Circle explained that Bridged USDC offers flexibility to blockchains adopting the infrastructure into their platforms. According to the company, blockchains using Bridged USDC can seamlessly transition to native USDC issuance in the future to enable a more robust financial ecosystem.
Creating Interconnected Blockchain
Jun Watanabe, chairman of Sony Block Solutions Labs, said the integration of Circle’s stablecoin infrastructure aligns with the company’s vision of building a more interconnected ecosystem for Soneium.
“By integrating Circle’s financial infrastructure with Soneium, we are set to redefine the landscape of digital entertainment and finance. This collaboration aligns ideally with our vision of creating a more interconnected and efficient digital ecosystem,” said Watanabe.
Commenting on the partnership, Circle CEO Jeremy Allaire said the deal with Sony Blockchain Solutions Lab marks a significant milestone for the company to promote the adoption of the USDC stablecoin across diverse blockchains.
“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,” said Allaire.
Circle to Open New Global Office in 2025
Meanwhile, Circle has been working to enhance the global use of the USDC stablecoin. In a recent move to boost USDC adoption, the company announced plans to open a new international office in New York City. The office scheduled for launch in early 2025 will be located on the 87th floor of One World Trade Center in Lower Manhattan.
Earlier in July, the company revealed that it had added 137 new members to its workforce, bringing its total headcount to around 882 globally.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
