Japan’s Sony Bank, a division of Sony Group Corporation, has initiated experiments involving the issuance of its own stablecoin, pegged to fiat currencies like the Japanese yen.
The trial, reportedly conducted on the Polygon blockchain, is in partnership with Belgium-based blockchain company SettleMint.
Sony Bank plans to evaluate any legal implications associated with the transfer of yen-backed stablecoins during these experiments, which are expected to span several months. The bank anticipates potential benefits such as lower transaction fees for individuals and considers stablecoins as a viable payment method for businesses, including those utilizing Sony Group’s intellectual property.
Sony Group has been actively exploring Web3 technologies, with its video game division exploring nonfungible tokens (NFTs) through a patent filed in March 2023. This initiative aims to enhance the gaming experience by providing gamers with more opportunities related to in-game assets.
In September 2023, Sony Network Communications partnered with Singapore-based Web3 infrastructure developer Startale Labs to develop Sony’s blockchain network, scheduled for launch in 2024. This venture seeks to establish a global infrastructure supporting the Web3 era and driving innovation across various industries.
Sony aims to facilitate the integration of “billions” into Web3 by leveraging existing assets, as stated by Watanabe, the president of Sony Network Communications.
Japan has shown increasing interest in the Web3 community, with the Ministry of Economy, Trade and Industry planning to boost strategic domestic investments in Web3 startups by enabling limited partnership firms to acquire and hold crypto assets.
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