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…
