Sony Bank, the financial arm of Sony Group Corporation, has announced that it is embarking on a trial to issue its own stablecoin. The stablecoin will be pegged to fiat currencies, specifically the Japanese yen. The trial will take place on the Polygon blockchain and will be conducted in partnership with SettleMint, a blockchain company based in Belgium. Sony Bank plans to assess any legal issues related to transferring yen-backed stablecoins during the trial, which is expected to last several months.
By utilizing stablecoins, Sony Bank aims to provide individuals with lower fees for money transfers and payments. Additionally, the bank is considering accepting stablecoins as a form of payment from businesses that use intellectual property owned by the Sony Group, such as games and sports.
This move comes as part of Sony Group’s exploration of Web3 technologies. In March 2023, Sony’s video game division filed a patent to incorporate nonfungible tokens (NFTs) into its operations, allowing gamers to have more opportunities with their in-game assets.
In September 2023, Sony Network Communications partnered with Startale Labs, a Singapore-based Web3 infrastructure developer, to establish Sony’s own blockchain network. The company aims to create a global infrastructure that supports the Web3 era and drives innovation in various industries. The blockchain network is expected to launch in 2024.
On April 5, in a post, Jun Watanabe, the president and representative director of Sony Network Communications, emphasized the importance of working with existing assets to onboard billions of people into the Web3 ecosystem quickly.
Notably, Japan, Sony’s home country, has also been embracing the Web3 community. The Ministry of Economy, Trade and Industry announced in February its plans to increase strategic domestic investments in Web3 startups by allowing limited partnership firms to acquire and hold crypto assets.
In other news, Google has filed a lawsuit against crypto app scammers, and Crypto.com is making strides in Korea, according to Asia Express magazine.