Circle announces partnership with Sony's second layer network Soneium to introduce USDC stablecoin

Stablecoin issuer Circle announced on Sunday a strategic partnership with memory blockchain technology company Sony Block Solutions Labs to drive innovation and creativity through decentralized technology on the Ethereum Layer 2 network Soneium, which will also integrate the Cross Chain USDC Standard.

The cross chain USDC standard is a specification and process for deploying USDC bridging on Ethereum Virtual Machine (EVM) compatible memory blockchain. Bridged USDC serves as a proxy for native USDC on Ethereum, allowing developers on the second layer network to easily use digital dollar payments to strengthen their applications.

Circle stated that by integrating the bridged USDC as the value exchange foundation of the network, Soneium is ready to open up new opportunities for creators and users to achieve seamless, secure, and borderless transactions, while promoting a global economy built on decentralized technology.

Sony Network Communications, a subsidiary of Sony Group in Japan, announced last year that it would collaborate with Startale Labs, the development company of Japanese public chain Astar Network, to jointly build Sony's memory blockchain. In August of this year, Sony Block Solutions Labs, a joint venture between the two parties, launched Soneium, a two-layer network that uses Optimal Rollup technology, allowing users to conduct transactions at lower costs on top of Ethereum. At present, Soneium has launched a testing network.

Jun Watanabe, Chairman of Sony Block Solutions Labs, stated that by integrating Circle's financial infrastructure into Soneium, "we will redefine the landscape of digital entertainment and finance.