Stablecoin issuer Circle has revealed a collaboration with Sony Block Solutions Labs. According to a release, the partnership aims to boost innovation in decentralized tech on Soneium, a public Ethereum Layer-2 blockchain ecosystem. USDC, Circle’s dollar-based stablecoin, will be integrated into Soneium.
Circle explains that bridged USDC serves as a proxy for native USDC held on Ethereum, enabling developers to build on layer 2 blockchains like Soneium. Soneium may upgrade to native USDC issuance in the future.
Jeremy Allaire, co-founder and CEO of Circle, said the partnership is a major milestone in their mission to boost the adoption of stablecoins and blockchain technology.
USDC currently has a market cap of over $35 billion. The stablecoin may be viewed as an improvement over traditional payment rails, faster and less costly to transfer value.