Consumers in Singapore can now employ cryptocurrencies to purchase products from the Sony Store Online. Sony Electronics Singapore has announced that it will accept USDC payments via Crypto.com’s payment system in its first foray into cryptocurrency transactions on a local level. Currently, this feature is confined to the Sony Store Online and relies solely on Crypto.com’s payment system.
USDC, a stablecoin linked to the U.S. dollar, is the second most notable stablecoin with $60.06 billion in circulation, trailing closely behind Tether’s USDT which sits at $144.02 billion, according to data from CoinGecko. The firm behind USDC, Circle, has filed an S-1 with the U.S Securities and Exchange Commission, looking towards launching an initial public offering.
Sony Singapore has not only embraced crypto payments but is also making strides to incorporate blockchain and Web3 technologies into its global operations. Earlier this year, Sony unveiled Soneium, an Ethereum layer-2 network created by its Singaporean subsidiary, Sony Block Solutions Labs, to facilitate a wide array of blockchain applications.
Although its primary utilization currently rests in facilitating digital collectibles and creator tools, there’s potential for Sony’s entertainment business to tie into Soneium in the future. This could involve in-game economies linked to Sony’s vast entertainment portfolio.
Soneium integrated support for bridged USDC during its testing phase in September, suggesting that developers might prefer the token for transactions across apps built on the network. Meanwhile, Crypto.com is continuing to broaden its global footprint. The platform recently partnered with Trump Media and Technology Group to launch crypto-centric ETFs, tied to Bitcoin (BTC) and its native Cronos (CRO) token, pending regulatory clearance.