Sony Bank, the financial business unit of Sony Group Corporation, has announced that it is conducting trials for issuing its own stablecoin linked to fiat currencies, such as the Japanese yen. The trial will take place on the Polygon blockchain in collaboration with Belgium-based blockchain company SettleMint.
Jun Watanabe, the president and representative director of Sony Network Communications, confirmed the reports in a post on X. Sony Bank will carefully evaluate any legal implications associated with transferring yen-backed stablecoins during the trial period, which is expected to last several months.
By utilizing stablecoins, Sony Bank aims to offer individuals lower fees for money transfers and payments. Additionally, it is considering accepting stablecoins as a form of payment for businesses that use Sony Group’s intellectual property (IP), including games and sports.
Sony Group has been exploring various Web3 technologies in its operations. In March 2023, its video game division filed a patent for the adoption of nonfungible tokens (NFTs) in a project called “NFT framework for transferring and using Digital Assets between game platforms.” This initiative aims to provide gamers with more opportunities related to their in-game assets.
In September 2023, Sony Network Communications partnered with Singapore-based Web3 infrastructure developer Startale Labs to build its own blockchain network. The company’s goal is to create a global infrastructure that supports the Web3 era and drives innovation in existing industries. The blockchain network is expected to launch in 2024.
In another post on X, Watanabe stated that the fastest way to onboard a large number of people into Web3 is to work with existing assets.
Japan, Sony’s home country, has also shown a growing interest in the Web3 community. In February, the Ministry of Economy, Trade and Industry announced 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 taken legal action against crypto app scammers, and Crypto.com is facing issues in Korea, according to Asia Express magazine.