Cryptocurrencies To Watch

Tag: Circle (USDC)

  • Circle’s USDC Stablecoin Set to Launch on Sui Network

    Circle’s USDC Stablecoin Set to Launch on Sui Network

    Circle, the issuer of the popular USD Coin (USDC) stablecoin, has announced plans to launch on the layer-1 blockchain Sui network.

    USDC is a fully-backed stablecoin tied 1:1 to the United States dollar, offering users a stable store of value in the often volatile crypto market.

    Circle CEO Jeremy Allaire noted that the upcoming launch of USDC on the Sui network can expand the support of stablecoin to more than 15 blockchain networks.

    USDC to Launch on Sui via CCTP

    With the forthcoming integration, USDC will gain support on the Sui network through the Cross-Chain Transfer Protocol (CCTP). This permissionless on-chain tool enables seamless transfers of USDC across different blockchains by utilizing a process of native burning and minting.

    Integrating native USDC and CCTP on Sui will enhance the L1 network’s usability, security, and interoperability for both users and developers.

    Notably, USDC’s deployment on Sui came only a day after the stablecoin issuer partnered with the electronics firm Sony to launch the dollar-pegged asset on the Ethereum layer-2 network, Soneium. Circle’s USDC is currently available on over 15 blockchains, including Avalanche, Base, Solana, and Polygon.

    Why Sui Network?

    Launched in 2023, Sui Network is an L1 blockchain and smart contract platform designed to simplify and enhance the development of applications and features within the Web3 space. It operates using the Move programming language and supports parallel transaction processing.

    As the need for faster and more scalable blockchain solutions grows, Sui’s high throughput and capacity to process complex smart contracts efficiently make it a desirable platform for stablecoins such as USDC. By incorporating with Sui, Circle aims to facilitate a smoother experience.

    Developers on Sui will soon be able to integrate native USDC into a diverse range of digital dollar-backed financial products. These solutions could cover multiple sectors, including decentralized finance (DeFi), gaming, decentralized physical infrastructure networks (DePIN), and e-commerce.

    Sui’s DeFi ecosystem has accumulated over $700 million in Total Value Locked (TVL) and over $215 million in bridged USDC. The protocol is also among the top 10 blockchain networks for weekly decentralized exchanges (DEXs) trading volume.

    Meanwhile, following the announcement, the price of SUI has seen a mild uptrend and is currently changing hands at $1.14, a 2% increase on the day.

  • Circle Partners Sony to Launch USDC on Soneium

    Circle Partners Sony to Launch USDC on Soneium

    Electronics giant Sony has expanded Web3 adoption through its latest partnership with the stablecoin issuer Circle behind USDC. Through Sony’s subsidiary, Sony Block Solutions Labs, the electronics company will bring decentralized features and make USDC the primary transaction token on the Soneium blockchain.

    Soneium is a multipurpose Ethereum layer-2 blockchain established by Sony Technology Group in August 2024 to support users globally and incorporate the diverse features of blockchain technology. It is still in development stage and will be launched in 2025.

    Sony Collaborates With Circle

    Following the partnership, the layer-2 blockchain will allow users and developers to enjoy borderless payments using a bridged version of the U.S. dollar-pegged stablecoin, USDC.

    Bridged USDC refers to a version of USDC moved from its original base blockchain, Ethereum, to the new blockchain, Soneium. In this process, USDC is locked on Ethereum while the system mints an equivalent quantity on the new blockchain, backed by the original deposit.

    Additionally, by following Circle’s standard implementation process, Sony ensures a flexible future for Soneium, allowing it to upgrade to native USDC issuance without disrupting the entire project structure.

    Sony and Circle Reacts to Partnership

    Both companies see the partnership as in important milestone for Web3 adoption. Co-founder and CEO of Circle, Jeremy Allaire, said:

    “We are thrilled to be partnering with Sony Block Solutions Labs to re-imagine how creativity and innovation are supported in the digital age. 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.”

    Jun Watanabe, Chairman of Sony Block Solutions Labs, highlighted that integrating Circle’s financial infrastructure into Soneium is an ideal step towards the company’s plan to redefine the landscape of digital entertainment and finance and create a more interconnected and efficient digital ecosystem. He said:

    “We are excited about the potential this partnership unlocks, not just for technological advancement, but for delivering tangible benefits to Soneium and users worldwide.”

    Sony has shown significant interest in blockchain technology and the crypto industry. Recently, the gadget company established its crypto trading platform in Japan by acquiring the bankrupt exchange Amber Japan.