As stablecoins march towards greater mainstream adoption, USDC issuer Circle made two announcements this week on that front. Through a partnership with Sony Block Solutions Lab, a bridged version of USDC will be available on Sony’s new blockchain, Soneium. The Japanese giant has global mainstream ambitions for its blockchain. Additionally, people in Brazil and Mexico can now buy USDC using local payment rails. That’s instead of needing to convert local currency to dollars before buying the stablecoin. Circle referenced the trade payments use case.
The Sony deal involves locking USDC in the Ethereum blockchain and bridging it onto Soneium, a layer 2 chain. Sony has big plans for the blockchain and significant intellectual property it can deploy including from Sony Music, Sony Pictures (formerly Columbia Pictures) and Sony PlayStation. The company says it wants to “evoke emotion, empower creativity, and meet diverse needs to go mainstream.”
Regarding the Brazilian and Mexican initiatives, Circle has integrated with local banks to make the local currency conversion possible. In May it inked a deal with BTG Pactual, which it described as its “direct distribution partner” in Brazil. It also said BTG would provide local banking rail capabilities, including access to Pix, the instant payment network.
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