In a visionary move, Sony Bank, owned by Japanese technology giant Sony Group, has launched an initiative to test the issuance of its own stablecoin. This effort, carried out on the Polygon blockchain platform, marks a significant step for the bank in the world of cryptocurrencies.

The central idea is to explore the advantages that stablecoins, linked to fiat currencies, can offer, such as reducing fees for financial transactions and international remittances.

This test not only aims to understand the direct financial benefits of stablecoins but also seeks to integrate them into Sony’s gaming and intellectual sports domains. The objective is to verify the applicability and legal challenges of circulating stablecoins anchored to the Japanese yen, with the expectation that this study will last for several months.

For this venture, Sony selected SettleMint, a blockchain company from Belgium, to lead the development of the stablecoin. This collaboration perfectly aligns with the Sony Group’s strategy of delving into the Web3 universe, an initiative reinforced by the application for a patent by its video games division. This patent aims to adopt non-fungible tokens (NFTs) to increase flexibility in the use of gaming assets.

Additionally, Sony is joining forces with Startale Labs, the driving force behind Astar Network, to create its public blockchain. Sota Watanabe, CEO of Startale, confirmed that the project has been in development for over a year and a half, highlighting Sony’s commitment to innovation in the blockchain sector.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


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