Sony Bank, the financial subsidiary of Sony Group, is experimenting with the issuance of a stablecoin pegged to the Japanese Yen as a form of payment for businesses utilizing the intellectual property owned by Sony Group. This trial phase is being conducted on the Polygon blockchain in collaboration with SettleMint, a blockchain firm based in Belgium. The stablecoin is designed to offer stability by being backed by real-world assets in order to prevent major price fluctuations commonly associated with cryptocurrencies. The ultimate goal is to explore the feasibility of using stablecoins within Sony Group’s businesses related to gaming and sports to reduce transaction fees for individuals and simplify payment processes.
Furthermore, Sony Group is taking steps to embrace Web3 technologies by partnering with Startale Labs to establish its own public blockchain network. This collaboration highlights Sony’s dedication to driving innovation and creating a global infrastructure that supports the Web3 era. The project has transitioned into the execution phase after a year and a half of development, emphasizing the importance of collaborating with existing assets to onboard billions of users into Web3. By integrating blockchain technology into various industries, there is potential for widespread adoption and utilization.
Japan has been making significant progress in stablecoin adoption following regulatory frameworks established in response to the collapse of TerraUSD. These regulations require local stablecoins to be pegged to the Japanese Yen or another fiat currency, with holders able to redeem them at face value. As a result, crypto and finance entities in Japan have started to explore the issuance of stablecoins. For example, Binance Japan collaborated with banking institution MUFG and Circle partnered with SBI Holdings to explore the circulation of USDC in the country. Additionally, regional banks like Hokkoku have introduced their own bank deposit-backed stablecoin, Tochika, for designated retail outlets.
In March, Sony Bank announced plans to launch the Sony Bank CONNECT app during the summer season, providing users access to NFTs and other Web3 entertainment rewards integrated with financial services. The bank also unveiled a US dollar green finance security token tailored for the Japanese market. These security tokens will be issued on the Securitize private blockchain platform based on a trust created by Sumitomo Mitsui Trust Bank (SuMi TRUST), offering investors the opportunity to receive NFTs. By engaging in these blockchain-related initiatives, Sony Bank continues to demonstrate its commitment to innovation and digital transformation within the financial sector.
In collaboration with Startale Labs, Sony Group is delving into the creation of a public blockchain network, emphasizing the importance of utilizing existing assets and services to onboard billions of users into Web3. The partnership highlights Sony’s dedication to fostering innovation and establishing a global infrastructure supportive of blockchain technology. This project has entered the execution phase after extensive development, signifying a significant stride in embracing Web3 technologies and driving forward the integration of blockchain into diverse industries.
