Circle, the issuer of USDC, has just rolled out support for its Bridged USDC Standard on Sony's Ethereum layer-2 network called Soneium. This is a big step forward!
In a joint statement, Circle and Sony Block Solutions Labs announced that USDC will become one of the main tokens for value exchange on this platform. This integration aims to solve some of the challenges developers have faced with stablecoins on layer-2 blockchains.
“We’re excited to partner with Sony Block Solutions Labs to boost innovation in the digital economy,” said Jeremy Allaire, Circle's Co-Founder and CEO. “This collaboration is a key move in promoting stablecoin adoption and blockchain technology, making Web3 experiences more accessible for everyone.”
With Bridged USDC, developers can easily deploy USDC on Ethereum Virtual Machine (EVM)-compatible blockchains like Soneium. This makes it simpler for them to integrate digital dollar payments into their decentralized applications.
By following Circle’s standard implementation process, Soneium can also upgrade to native USDC issuance in the future. Jun Watanabe, Chairman of Sony Block Solutions Labs, expressed enthusiasm about the partnership, saying, “This perfectly aligns with our vision of a more interconnected and efficient digital ecosystem. We’re thrilled about the benefits this will bring to Soneium users worldwide.”
This integration is part of Circle's ongoing efforts to promote the use of stablecoins. The company is also gearing up to support USDC on Apple’s Tap-to-Pay feature, allowing iPhone users to make payments with USDC. As Circle expands globally, some experts worry that the U.S. may fall behind in regulating stablecoins.
During Korea Blockchain Week, Circle’s Vice President, Yam Ki Chan, highlighted concerns about the lack of clear federal regulations. He noted that other regions are moving faster to set rules for the stablecoin sector. Currently, USDC ranks as the second-largest stablecoin, with a market cap of $35.6 billion, while Tether’s USDT leads with a market cap of $118.8 billion, according to CoinGecko.
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In other news, the DeFi protocol DeltaPrime recently reported a significant loss of $5.9 million due to a private key exploit. Cybersecurity firm Cyvers revealed that a security incident affected DeltaPrime, which operates on the Arbitrum network. Initially, the estimated loss was $4.5 million, but it rose as a “suspicious address” continued draining funds from DeltaPrime’s liquidity pools.
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Bitcoin is making headlines as its price approaches $60,000. On Friday, Bitcoin hit its highest level since early September, as traders grew optimistic about a major rate cut from the Federal Reserve. The price reached $59,735, reflecting a 2.5% increase for the day. This rise comes after Bitcoin dipped to $53,300 last week, following disappointing job reports that raised concerns about the U.S. economy.
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Lastly, a consumer protection group, Consumers' Research, has released a report criticizing Tether, calling it a “disaster for consumers waiting to happen.” The report points out the lack of transparency regarding Tether’s U.S. dollar reserves. It emphasizes that Tether hasn't undergone a full audit by a reputable accounting firm for the dollar reserves backing USDT. Tether has not yet responded to requests for comment from Decrypt.