- Sony Bank in Japan initiated experiments to develop its own stablecoin tied to fiat currencies like the Japanese yen, with trials set to unfold on the polygon blockchain in collaboration with SettleMint, a Belgian blockchain company.
- Jun Watanabe, president, and representative director of Sony Network Communications, confirmed the developments regarding Sony Bank’s stablecoin initiative in a post on platform X.
- Sony Bank is evaluating the legal implications of transferring yen-backed stablecoins, expecting the trials to span several months.
The banking division of the Sony Group Corporation, Sony Bank in Japan, has initiated experiments aimed at creating its own stablecoin linked to fiat currencies like the Japanese yen.
Sony Bank trials stablecoin on blockchain
The trial is slated to unfold on the Polygon blockchain, in conjunction with SettleMint, a blockchain company based in Belgium, as reported by the local media Nikkei.
Jun Watanabe, the president and representative director of Sony Network Communications, confirmed the reports in a post on platform X.
Sony Bank stated that it will assess the possible legal implications of transferring yen-backed stablecoins and anticipates that these trials will extend over several months for completion.
Sony Bank suggested potential cost savings for individuals transferring funds by utilizing stablecoins.
Furthermore, it expressed its intention to explore accepting stablecoins as payment from enterprises leveraging Sony Group-owned intellectual property, including video games and sports.
Also read: Sony SIE announced global layoffs of 8% of its total workforce
Japan takes leap into Web3
In the past year, Japan, Sony’s home country, has ventured into the Web3 ecosystem. The Ministry of Economy, Trade, and Industry announced in February its decision to allow limited partnership businesses to acquire and retain cryptocurrency assets.
Also read: Stablecoin Seneca recovers $5M after offering hacker 20% bounty
In March 2023, Sony Group’s gaming division filed a patent to incorporate nonfungible tokens (NFTs) into its operations as part of its exploration of Web3 technologies. This initiative seeks to offer players expanded options for managing their in-game assets.
Additionally, in September 2023, Sony Network Communications partnered with Startale Labs, a Singapore-based provider of Web3 infrastructure, to establish its own blockchain network.
