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The issuer of stablecoin USDC, Circle, has stated its intentions to enable bridged USDC on Sony’s recently unveiled Ethereum layer 2, Soneium. Additionally, Circle announced a partnership with Sony to jointly develop Soneium, the company’s digital currency and payment system. A stablecoin titan brings bridged USDC to Ethereum’s layer 2 blockchain. In the aggregate, the development of new tools creates hope for the Web3 started recently.
Circle, the issuer of USDC, recently said that it intends to partner with Sony Block Solutions Labs, a Singapore-headquartered company, which focuses on blockchain solutions. The integration comes as the attempt to introduce bridged USDC token to the Ethereum Layer 2 solution Sony company recently launched Soneium. Interestingly, this partnership has quickly attracted a lot of attention across the Web3 space as it brings more versatility to the Layer 2 blockchain.
Circle Joins Forces With Sony For Bridged USDC On Soneium
On September 16, Circle released an official statement announcing its partnership with Sony Block Solutions Labs to advance Soneium. In line with this social investment, the partnership is expected to integrate the bridged USDC standard into the layer 2 blockchain.After that, Soneium is still ready to open numerous possibilities as for the creators and for the users also, providing smooth, safe, and boundaryless transactions, the announcement concluded.
Jun Watanabe, Chairman of Sony Blocks Labs speaking on the partnership said that, “With this integration of Circle’s financial rails into Soneium we are going to reshape the world of entertainment and finance. ” He noted that the partnership was inline with the company ‘s goal of creating a more ‘connected and effective digital world’.
At the same time, Jeremy Allaire, the Co-founder and CEO of the stablecoin giant, shared that ‘This partnership is a record achievement for Circle’s purpose of helping to grow the usage of stablecoins and underlying blockchain. ‘ Furthermore, he said that it enables ‘creators to thrive within the secure and friendly Web3 realm.
Bridged USDC essentially enables you to bring the native stablecoin to an EVM compatible blockchain via a proxy. Taken together, this development is expected to give users a further level of comfort on the newly launched layer 2 blockchain. Below are other Layer 2 crypto projects that are bullish this year:
New Developmental Efforts foster Hopefulness
On the other hand, the progress that has occurred has eventually brought more attention to the new layer 2 blockchain once more. CoinGape Media has published before that Samsung Next invested in Startale Labs, a major Web3 company that partnered with Sony to form a joint venture to develop Soneium.
In another developmental wave, the recent launch of the layer 2 blockchain’s testnet Minato added more spotlight on the project.All in all, the Singapore-based firm has created a huge leap with Soneium launch followed by Circle participation in the project. As of today’s market close, the stock price of Sony has dropped nearly 2 percent at the time when I wrote this piece.
