Sony Bank, the financial arm of Sony Group Corporation, has announced that it is conducting trials for its own stablecoin tied to fiat currencies. The experiments are being carried out on the Polygon blockchain in partnership with SettleMint, a blockchain company based in Belgium. The president of Sony Network Communications, Jun Watanabe, has confirmed these reports.
Sony Bank will carefully assess any legal implications related to the transfer of yen-backed stablecoins during these trials, which are expected to continue for several months. The bank believes that by utilizing stablecoins, it can offer individuals lower fees for money transfers and payments. Furthermore, it is considering accepting stablecoins as a form of payment for businesses that use Sony Group’s intellectual property, such as games and sports.
Sony Group has been actively exploring various Web3 technologies in its operations. In March 2023, its video game division filed a patent for the adoption of nonfungible tokens (NFTs) in an initiative called “NFT framework for transferring and using Digital Assets between game platforms.” This move aims to provide gamers with more opportunities related to their in-game assets.
In September 2023, Sony Network Communications partnered with Startale Labs, a Singapore-based Web3 infrastructure developer, to build its own blockchain network. The company’s goal is to create a global infrastructure that supports the Web3 era and drives innovation across different industries. The launch of the blockchain network is expected in 2024.
Jun Watanabe also emphasized the importance of working with existing assets to onboard billions of people into the Web3 space quickly. He believes that this approach will accelerate the adoption of Web3 technologies.
Japan, Sony’s home country, has also shown a growing interest in the Web3 community. In February, the Ministry of Economy, Trade, and Industry expressed its intention to increase strategic domestic investments in Web3 startups by allowing limited partnership firms to acquire and hold crypto assets.
In other news, Google has filed a lawsuit against crypto app scammers, and Crypto.com has made advancements in Korea, according to Asia Express magazine.