Since this card's effect is similar to that of "Kagetokage", using it in combo with "Star Seraph Scout" (that has a similar effect to that of "Tin Goldfish" or "Goblindbergh") ends up in the same combo used in "Gadget" Decks to Summon 3 cards Xyz Monster (the goal of this very Deck). Netting yourself a Special Summon Xyz Monster and a draw at the same time.
If there is this card and a "Star Seraph Scepter" in your hand, "Scepter" can be Normal Summoned, activate its effect to search a second "Sovereignty", then Special Summon this card from your hand (since both effects are optional, build the chain like this: Chain Link 1: Activate the effect of "Sovereignty", Chain Link 2: Activate the effect of "Scepter" to get another copy of "Sovereignty". After the first "Sovereignty" is Summoned, ending the chain, activate your second copy's effect from your hand in response to the first one's Summon). After the chain resolves, the second "Sovereignty" can be Special Summoned from your hand (in response to this card's Special Summon). This will let yourself a monster that needs 3 Materials to be Xyz Summoned, such as "Stellarknight Delteros" or "Number 16: Shock Master" (OCG only), with no loss in hand advantage.