Circle Supports Launch of Sony Group's Soneium, an Ethereum Layer 2 Solution

IconCryptoNewsTerminal Staff23 Aug, 2024

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Circle Supports Launch of Sony Group's Soneium, an Ethereum Layer 2 Solution

Jeremy Allaire, CEO of USDC issuer Circle, recently announced via Twitter that Circle is supporting the launch of Sony Group's upcoming Ethereum Layer 2 (L2) chain, Soneium. This exciting development comes just weeks before the anticipated public launch of Soneium. Soneium is the brainchild of Sony Blockchain Solutions Labs, a joint venture between Sony and Astar Foundation spin-off Web3 firm Startale Labs. It harnesses the power of Optimistic Rollup technology, a highly efficient scaling solution that significantly enhances Ethereum's transaction throughput and significantly reduces gas fees. The integration of Circle into Soneium will undoubtedly provide users with a seamless and cost-effective way to transact, swap, and hold USDC. This collaboration underscores Circle's commitment to driving the adoption of stablecoins and Layer 2 scaling solutions. As the blockchain ecosystem continues to evolve, Layer 2 chains play an increasingly crucial role in addressing Ethereum's scalability challenges. Soneium, with Circle's support, is poised to make a substantial contribution to this rapidly growing landscape.

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