Sony Bank Explores Creating A Stablecoin Pegged To The Yen

A local report indicates that Sony Bank of Japan is investigating the possibility of a yen-backed stablecoin that could be employed across Sony Group and its affiliated companies.

Sources close to the matter have disclosed that the pilot phase of this project is being conducted on the Polygon blockchain, with the cryptocurrency company Settlemint providing assistance.

Sony Bank Is Also Evaluating A Blockchain-Enabled Payment Solution

A recent report by Nikkei has revealed that Sony Bank is set to start a test phase with the Polygon network to develop a stablecoin pegged to the Japanese yen.

The project aims to streamline payment processes within the Sony Group and its affiliates, with a focus on minimizing the expenses tied to payments and cross-border money transfers.

The analysis of this blockchain-powered payment mechanism by Sony Bank could extend to settling transactions in the gaming and sports intellectual property sectors.

Sony’s involvement in blockchain technology precedes this project, with Sony Network Communications having collaborated with Startale Labs in mid-September 2023 to forge a blockchain platform.

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

It’s All Part Of Sony’s Web3 Plans

This effort aligns with Sony Group’s expansive push into Web3 technologies. The company’s gaming segment recently drew interest for a patent filing focused on incorporating Non-Fungible Tokens (NFTs) within video games.

Such an approach promises to grant players enhanced authority over their digital game items, potentially revolutionizing the gaming experience by introducing novel ownership and tracking capabilities.

Settlemint Offers A Comprehensive Toolkit For Companies Interested In Blockchain

The Nikkei report further notes that Sony Bank’s venture into crafting a yen-based stablecoin will involve collaboration with Settlemint, a Leuven, Belgium-headquartered firm established in 2016.

Settlemint provides a blockchain-as-a-service platform, offering an array of tools, APIs, and frameworks designed to help blockchain adoption by companies, thereby enabling the development of sophisticated blockchain solutions for enterprises.

This development coincides with a period of rapid growth in the stablecoin sector, which is currently valued at over $150 billion and has welcomed numerous entrants, though USDT and USDC remain the dominant players.

Interestingly, Ripple Labs also announced its intention to launch a stablecoin this year, which will be integrated with the XRP Ledger and Ethereum.