Key Takeaways:
- Sony Bank is trialing the issuance of a yen-backed stablecoin on the Polygon blockchain in partnership with Belgium-based SettleMint, aiming to reduce transaction fees and facilitate IP-related payments within the Sony Group.
- The initiative explores legal frameworks for stablecoin transfers and considers their use in payments for Sony Group’s intellectual property in gaming and sports sectors.
- Sony’s broader engagement with Web3 includes filing a patent for an NFT framework for digital assets in gaming and developing a proprietary blockchain network in collaboration with Startale Labs, signaling a strategic move towards establishing a Web3 ecosystem.
Sony Bank is currently exploring the issuance of a yen-backed stablecoin to facilitate payments for companies utilizing intellectual property (IP) from the Sony Group.
Japan’s Sony Bank, a financial division within the vast Sony Group Corporation, has embarked on a pioneering trial to issue its very own stablecoin, which will be pegged to established fiat currencies like the Japanese yen.
Sony Bank to conduct a stablecoin trial on Polygon: report https://t.co/yBltzVpAle
— The Block (@TheBlock__) April 5, 2024
This initiative, as detailed in a Nikkei report dated April 4, will utilize the Polygon blockchain for its execution, in partnership with SettleMint, a blockchain firm based in Belgium.
This development was confirmed by Jun Watanabe, President and Representative Director of Sony Network Communications, through a social media post on X.
Sony Bank plans to launch stablecoin and Sony plans to launch a blockchain with us. It is getting ready. https://t.co/J6jqsjGnTa
— Sota Watanabe (@WatanabeSota) April 5, 2024
Sony Bank is poised to examine the legal frameworks surrounding the transfer of yen-backed stablecoins and expects these exploratory phases to extend over the coming months.
By adopting stablecoins, the bank aims to lower transaction fees for users engaging in monetary transfers and payments.
Moreover, Sony Bank is considering the integration of stablecoins as a payment method for entities that utilize Sony Group’s intellectual property, encompassing sectors like gaming and sports.
The fastest way to onboard billions of people into web3 is to leverage existing assets and service rather than making user base from scratch. That’s why we work with conglomerates. They have literally billions of user touch points.
— Sota Watanabe (@WatanabeSota) April 5, 2024
In line with its innovative trajectory, the Sony Group has been delving into various Web3 technologies.
Notably, its video game division submitted a patent in March 2023 for a “NFT framework for transferring and using Digital Assets across gaming platforms,” aimed at enriching the gaming experience with more dynamic in-game asset opportunities.
Additionally, in September 2023, Sony Network Communications collaborated with Startale Labs, a Web3 infrastructure company based in Singapore, to develop Sony’s proprietary blockchain network.
🇯🇵 @SonyBank_jp will test its own #stablecoin on the @0xPolygon.https://t.co/RoRlFKChRF
— GN Crypto (@GNcrypto_news) April 5, 2024
This venture seeks to establish a global foundation to propel the Web3 era, with expectations to launch the blockchain in 2024.
Watanabe, in a recent post, underscored the significance of leveraging existing assets as a swift avenue to introduce the masses to Web3 technologies.
SONY BANK TO START STABLECOIN TESTING ON POLYGON – WHAT TO KNOW
— BSCN (@BSCNews) April 5, 2024
– Sony Bank, the banking arm of the Japanese gaming and entertainment titan, will be launching a stablecoin trial on the Polygon blockchain.
– According to local media outlet Nikkei, Sony Bank is partnering with… https://t.co/s3McG2kpDa pic.twitter.com/ooksRJFcBN
The Japanese government, aligning with Sony’s forward-looking stance, has shown increased interest in the Web3 space, especially in the previous year.
February saw the Ministry of Economy, Trade and Industry announcing its objective to boost domestic strategic investments in Web3 startups by permitting limited partnership firms to acquire and hold cryptocurrency assets.
About The Author
Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.
With a keen eye for emerging trends and a talent for engaging storytelling, Victor’s articles offer a fresh perspective on the ever-evolving digital currency landscape.
Check Victor out on:
