Japan’s Sony Bank Experiments with Issuing Stablecoin Pegged to Yen on Polygon
Sony Bank, the financial arm of the renowned Japanese gaming and entertainment conglomerate, Sony Group, has embarked on a proof-of-concept endeavor to introduce its stablecoin, pegged to fiat currency like Yen, as per a Nikkei report.
The bank says it is experimenting with the possibility of issuing its yen-backed stablecoin as a form of payment for businesses that use intellectual property owned by the Sony Group.
ソニー銀行、ステーブルコインの発行に向け実証実験
ゲームやスポーツなどソニーグループが持つ知的財産を使ったビジネスで、決済手段としての活用を検討します。https://t.co/kRuGQtuhKg
— 日本経済新聞 電子版（日経電子版） (@nikkei) April 4, 2024
In a recent development reported by local media outlet Nikkei on April 4, Sony Bank has initiated a trial phase on the Polygon blockchain in collaboration with SettleMint, a blockchain firm based in Belgium.
Sony Bank plans to launch stablecoin and Sony plans to launch a blockchain with us. It is getting ready. https://t.co/J6jqsjGnTa
— Sota Watanabe (@WatanabeSota) April 5, 2024
The trial involves Sony Bank experimenting with the issuance of a “stablecoin” tied to legal currencies like the yen. This stablecoin is designed to offer stability by being backed by real-world assets, thereby preventing major price fluctuations commonly seen in cryptocurrencies.
The purpose of this trial is to explore the feasibility of using stablecoins as a payment method within businesses related to Sony Group’s intellectual property, such as gaming and sports. By leveraging stablecoins, Sony Bank aims to reduce transaction fees for individuals and streamline payment processes.
The Sony Group is making significant strides in embracing Web3 technologies as it collaborates with Startale Labs, a leading developer of Astar Network, to establish its own public blockchain network. Startale
Read more on cryptonews.com
