Sony Bank, a subsidiary of Japanese tech giant Sony, is set to launch its own stablecoin on the Polygon blockchain. This innovative initiative has the potential to transform payments and transfers, while creating new opportunities for Sony’s intellectual properties in the gaming and sports sectors.
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Sony Bank, a promising proof of concept for the creation of a stablecoin
According to a report by Nikkei, Sony Bank, the banking and finance division of Japanese technology conglomerate Sony, has started a proof of concept in collaboration with SettleMint, a Belgian blockchain company. Their goal: issuing a stablecoin indexed to the Japanese yen thanks to the Polygon blockchain.
The aim of this experimentation is twofold: on the one hand, to evaluate the potential benefits of stablecoins (lower transfer costs), and secondly, study the possibilities of integrating these stablecoins into Sony’s intellectual property, related to video games and sports.
The proof of concept will take several months to complete, and will also address the legal aspects of transferring stablecoins backed by the Japanese yen.
This initiative is part of the ongoing efforts of Sony to expand its presence on the Web3, as demonstrated by the recent patent application filed by its video games division concerning the use of non-fungible tokens (NFT) in game assets.
Sony, in the midst of creating a blockchain
At the same time, Sony is working hand in hand with Startale Labsone of the main developers of Astar Network to create its own public blockchain. This ambitious project, which has been in development for over a year and a half, is a testament to the determination of Sony to shape the future of digital finance.
Sony Bank’s initiative in issuing stablecoins comes against a favorable regulatory backdrop in Japan. Indeed, the country has recently put in place a legal framework for stablecoins, aimed at ensuring user protection. Moreover, Japan has taken a further step forward by approving a bill authorizing investment limited partnerships to hold bitcoin and other cryptocurrencies.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
