Sony Bank, the financial arm of Sony Group Co. in Japan, has initiated trials exploring the issuance of its stablecoin pegged to fiat currencies like the Japanese yen. As reported by local outlet Nikkei on April 4, the experimental phase will be conducted on the Polygon blockchain in collaboration with Belgian blockchain firm SettleMint.
Jun Watanabe, the president and representative director of Sony Network Communications, confirmed the undertaking in a post on X. Sony Bank aims to assess any potential legal implications associated with the transfer of the yen-backed stablecoin during the upcoming trials, expected to unfold over the coming months.
The bank anticipates several benefits from leveraging stablecoins, including reduced fees for personal remittances and transactions. Moreover, it contemplates adopting stablecoins as a payment solution for businesses within the Sony Group ecosystem, particularly those utilizing intellectual property (IP) assets such as games and sports.
Sony Group has been actively exploring various Web3 technologies in recent times, evident in its video game division's patent application for an NFT framework titled "NFT framework for transferring and using digital assets between games" in March 2023. Plans are also in place to integrate a non-fungible token (NFT) platform, offering players enhanced opportunities related to in-game assets.
To further bolster its engagement with Web3, Sony Network Communications established a joint venture with Singapore-based Web3 infrastructure developer Startale Labs in September 2023. This collaboration aims to develop Sony's proprietary blockchain network, slated for launch sometime in 2024. Watanabe expressed the company's vision to create a global infrastructure supporting the Web3 era, fostering innovation across various industries.
In alignment with Sony's endeavors, Japan has exhibited a growing inclination towards the Web3 community. Notably, in February, Japan’s Ministry of Economy, Trade and Industry expressed intentions to bolster domestic strategic investments in Web3 startups, allowing limited partnerships to acquire and manage crypto assets as part of this strategic shift.
