This partnership with Crypto.com aims to enhance payment convenience for tech-savvy consumers and diversify payment options amidst the growing trend towards digital currencies.

Crypto.com has partnered with Sony Electronics to enable cryptocurrency payments in Singapore, allowing customers to use USDC on the Sony Store Online.

Chin Tah Ang, General Manager of Crypto.com Singapore, highlighted the partnership's goal of making cryptocurrency payments more mainstream.

The announcement also led to a 0.5% increase in USDC's value against the USD, reaching $1.005 within an hour, alongside a 15% surge in trading volume to $2.3 billion.

Trading volumes for USDC on major exchanges saw significant increases, with Binance reporting a 20% rise and Coinbase an 18% rise, confirming bullish market sentiment.

Sony has been actively integrating blockchain and Web3 technologies, having launched Soneium, a custom-built Ethereum layer-2 network designed for various blockchain applications.

This announcement coincides with Circle's recent filing for an Initial Public Offering (IPO) with the SEC, intending to list on the NYSE under the symbol CRCL.

Initially, USDC, a stablecoin pegged to the US dollar, will be the only cryptocurrency accepted, with plans to incorporate additional cryptocurrencies in the future.

Following the announcement, Bitcoin and Ethereum values rose by 1.5% and 2%, respectively, showcasing a positive spillover effect on the broader cryptocurrency market.

Singapore is positioning itself as a global hub for blockchain technology, supported by favorable regulatory measures that encourage the integration of crypto into traditional financial systems.

The trend of businesses accepting cryptocurrencies is growing, as evidenced by recent moves from various companies to embrace cryptocurrency as a payment option.

The news has also positively impacted trading volumes of other stablecoins, with USDT and BUSD increasing by 2%, indicating a broader market effect.