- Sony Group’s banking division Sony Group is planning to issue a stablecoin on the Polygon network.
- It is expected that it will be backed by Japanese yen and will become one of the main payment methods in games, sports and other spheres.
- Belgian company SettleMint will develop the project.
Sony Bank, the banking division of the Japanese conglomerate Sony Group, is working on the issue of stablecoin with security in fiat currency. This is reported by Nikkei, citing its own sources.
According to the publication, the bank is considering the possibility of using this method of payment for companies that use the intellectual property of Sony Group in games, sports and other industries.
It is reported that in the near future, the bank will conduct a test launch of a stable coin on the Polygon network. It will be backed by Japanese yen, and the development of the project will be engaged in the Belgian company SettleMint.
Note that Sony Group is actively developing Web3-direction. In March 2024, it filed a patent application for the introduction of a system of non-replaceable tokens (NFT). The initiative is expected to provide greater flexibility in the use of in-game resources and allow players to pool all their assets into a single NFT.
The firm is also partnering with Startale Labs, the developer of the Astar Network project. The partnership is reportedly aimed at building Sony’s blockchain. Startale CEO Sota Watanabe told The Block that the project is in its final stages after a year and a half of development.
Japan’s regulatory framework for stablecoins, designed to protect users following the Terra USD crash, came into effect in June 2023. The country’s parliament clarified the legal status of stablecoins and allowed the issuance of such assets by licensed banks, registered money transfer agents and trust companies.
Earlier, we reported that Japan approved a bill on investment in Web3 startups. In addition, the state pension fund is considering investing in bitcoin.
