As reported by Nikkei, Sony Bank, the banking division of the Japanese entertainment conglomerate, has launched a proof of concept to introduce stablecoin pegged to fiat currency.
Sony Bank Starts Stablecoin Trial on Polygon Blockchain
The trial, which will take place on the Polygon blockchain, marks Sony's entry into the stablecoin arena.
According to sources cited in the report, the move comes as Sony explores the potential for stablecoins to benefit from lower payment and remittance fees, and as the company aims to support gaming and sports intellectual properties.
Sony's stablecoin initiative will examine the legal ramifications surrounding the transfer of Japanese yen-backed stablecoins and is expected to take several months, Nikkei reported. The execution of the project will be entrusted to Belgium-based blockchain company SettleMint.
Sony Group has recently actively attempted to develop Web3. Just last month, the gaming division had filed a patent to integrate non-fungible tokens (NFTs), aimed at increasing the flexibility of gaming users to use in-game assets.
Additionally, the holding has collaborated with Startale Labs, a major developer of Astar Network, to create Sony's proprietary public blockchain network.
Startale's CEO, Sota Watanabe, announced in his statement that the project has entered the execution phase after a year and a half of development.
*This is not investment advice.