Circle is looking to expand the use of its USDC stablecoin to the new top-flight layer-2 Ethereum blockchain network, Soneium, according to a September 16 statement shared with CryptoSlate.
This initiative aims to make Bridged USDC an 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 launched in August. The network is designed to be a versatile, multi-purpose blockchain that blends elements of entertainment, gaming, and finance.
Jun Watanabe, President of Sony Block Solutions Labs, highlighted the potential of this collaboration to transform digital entertainment and finance. He said:
“This collaboration fits perfectly with our vision of creating a more interconnected and efficient digital ecosystem. We are excited about the potential that this partnership opens up, not only in terms of technological advancement, but also to deliver tangible benefits to Soneium and users around the world.”
Jeremy Allaire, Circle’s CEO, echoed this sentiment, saying the collaboration would accelerate the adoption of Circle’s stablecoin and blockchain technology. He said:
“This collaboration marks an important milestone in Circle’s mission to accelerate the adoption of our stablecoins and blockchain technology, and enable creators to thrive through secure and user-friendly Web3 experiences.”
This collaboration comes amid Soneium’s rapid growth. Just a month after its launch, the network has already partnered with platforms like Chainlink to improve its services.
Over the past few months, Circle’s USDC stablecoin has seen growing adoption thanks to the growth of Coinbase’s layer-2 Ethereum network, Base. Data from Artemis shows that its monthly transfer volume has surpassed $587 billion over the past 30 days.
Circle’s USDC is the second-largest stablecoin with a circulating supply of around $35 billion, according to CryptoSlate data.