Sony has also announced additional benefits for a limited number of Crypto.com Pay users who spend up to SGD 300 on the company's online store.
USDC is a key token within Sony’s L-2 blockchain Soneium
Photo Credit: Reuters
Sony Electronics recently announced that it has begun accepting the USDC stablecoin for payments in Singapore. The electronics giant has teamed up with Crypto.com to facilitate USDC transactions on its online store, it said in an announcement on Wednesday. Crypto.com is an exchange for virtual digital assets (VDAs), headquartered in Singapore. Sony is continuing its foray into its Web3 sector — it recently launched its own Soneium blockchain. For now, only Sony Store Online customers in Singapore will be able to access the USDC payment option.
In a press release, Sony acknowledged that crypto payments are growing in popularity, especially with a younger generation of tech-savvy customers. The company also said that its decision to accept USDC payments aligns with its efforts to keep up with Web3-focussed advancements in the fintech sector.
Crypto.com General Manager Chin Tah Ang said such initiatives can push crypto into more mainstream uses. He noted that Sony could use the opportunity to raise awareness around crypto-related payments to its large customer base. “This payment integration will not only benefit our users by giving them another way to utilise their crypto in the real world, but we believe adding a new and streamlined crypto payment method will also broaden SES' customer base,” he said.
Sony says it plans to include other cryptocurrencies to its list of accepted tokens. It remains unclear if the company will explore support for crypto payments in other regions.
Stablecoins like USDC are gaining the attention of corporations and governments in several parts of the world to be used for everyday payments. USDT and Binance USD are other popular stablecoin options in the market.
Sony Block Solutions Labs (Sony BSL) and Circle entered a partnership in September 2024. Sony SBL oversees the Soneium blockchain, whereas Circle is the issuer of the USDC token. Under the collaboration, the USDC was positioned as a key token within the Soneium network. At the time, Jeremy Allaire, Co-Founder and CEO at Circle, had called this partnership a “milestone” moment for his crypto firm.
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