Sony Bank Tests Yen-Pegged Stablecoin on Polygon Blockchain
Summary:
Sony Bank, part of the Sony Group Corporation, is testing a yen-pegged stablecoin on the Polygon blockchain in partnership with blockchain firm SettleMint. The trials aim to address legal aspects of transferring yen-backed stablecoins, and exploit lower fees for individuals through this medium. Also, Sony could use the technology as a payment method for businesses utilizing Sony's IP. As part of its exploration in Web3 technologies, Sony's video game division filed a patent for adopting nonfungible tokens (NFTs). Sony Network Communications is also working with Singapore-based Startale Labs to build Sony's blockchain network, expected to launch in 2024.
Sony Bank, the financial entity of Sony Group Corporation, Japanese multinational conglomerate, has announced that it is undertaking trials for its proprietary stablecoin pegged to fiat currencies such as the yen. Local news outlet Nikkei, reported on April 4 that Sony is set to conduct the trial on the Polygon blockchain, together with SettleMint, a Belgium-based blockchain company. Jun Watanabe, the head of Sony Network Communications, confirmed the reports through a post on X. On the agenda, Sony Bank will be tackling any legal complications tied to the transfer of yen-backed stablecoins in the coming months. The banking institution senses that the use of stablecoins could result in lower transaction fees for consumers, possibly introducing a new payment method for businesses using Sony Group's intellectual property (IP), which includes gaming and sports entities. The Sony Group has been exploring other Web3 technologies, particularly with their video gaming arm, which filed a patent in March 2023 for the implementation of nonfungible tokens (NFTs) as a means for transferring digital assets between gaming platforms. In September 2023, Sony Network Communications joined forces with Singapore-based Web3 infrastructure firm Startale Labs to build Sony's blockchain network, with aims of setting up a global infrastructure supporting the Web3 epoch, and sparking innovation in current industries. According to a post from Watanabe on X on April 5, the quickest method to involve billions in Web3 is to make use of existing assets. Notably, Japan, the home base for Sony, has also been increasingly involved in the Web3 space of late. In February, Japan's Ministry of Economy, Trade and Industry (METI) shared plans to boost domestic investments in Web3 startups by allowing limited partnership (LP) firms to purchase and hold cryptocurrency assets.
Published At
4/5/2024 11:35:15 AM
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