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United States Sony Bank to experiment on stablecoins through Polygon
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Sony Bank, the banking and financial arm of the Japanese technology conglomerate, has initiated a proof-of-concept to issue its own fiat-pegged stablecoin on the Polygon blockchain, according to a Nikkei report.
The trial aims to assess the potential benefits of stablecoins, such as reduced payment and remittance fees, and explore ways to adopt them in Sony’s gaming and sports intellectual properties. The proof-of-concept will also evaluate any legal issues associated with transferring Japanese yen-backed stablecoins and is expected to continue for several months.
Sony has entrusted the development of the stablecoin to Belgium-based blockchain firm SettleMint. This move aligns with Sony Group’s recent efforts to expand its Web3 development, including a patent request filed by its video game division to adopt non-fungible tokens (NFTs) for enhanced flexibility in utilizing in-game assets.
In addition to the stablecoin proof-of-concept, Sony is collaborating with Startale Labs, a core developer of Astar Network, to build its own public blockchain network. Startale CEO Sota Watanabe recently confirmed that the project is already in the execution phase, over a year and a half into its development.
Japan’s regulatory framework for stablecoins, which aims to ensure user protection following the collapse of TerraUSD, came into effect in June 2022. The regulation requires local stablecoins to be linked to the yen or another fiat currency and guarantees that holders can redeem them at face value.
Since the implementation of the new regulations, several crypto and finance firms have begun exploring the issuance of stablecoins in Japan. Binance Japan partnered with local bank MUFG in September 2022 to study the issuance of fiat-pegged stablecoins, while Circle, the issuer of USDC, collaborated with SBI Holdings in November to investigate the circulation of USDC in Japan.
Earlier this week, Hokkoku, a regional bank in Japan, launched the country’s first bank deposit-backed stablecoin named Tochika, which will be used in select retail stores within Suzu city in Ishikawa prefecture.
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