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Sony enters the race to issue stablecoins

The banking arm of the giant Sony has announced the launch of a proof of concept for the development of a digital stablecoin which will be launched on Polygon, and which can be used in the video game sector.

Sony Bank prepares to launch digital stablecoin

It seems that Sony company The giant is increasingly interested in Web 3. After the company announced that it wanted to adopt non-fungible tokens (NFT) for its games and began developing a public blockchain, in partnership with Startale Labs. Today, the giant company is entering the stablecoin race.

👈Read more: Stablecoins you should know about in 2023

According to what has been reported by the media, one of... Main Japanese media, the giant Sony wants to try a stable digital currency that would be linked to “fiat currencies, such as the Japanese yen”. This would reduce costs for users, providing a fast and flexible payment method. The two sectors of interest for the use of the stablecoin will be video games, as well as sport:

“The company will examine whether (the stablecoin) can be used as a means of payment for companies that use Sony Group intellectual property, as is the case in the gaming and sports sector.”

The trial is expected to last several months and Sony will specifically look into the legal aspects of international transfers of the yen-based asset. The company chose the Belgian company SettleMint to support it in this project.

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Interest in stablecoins appears to be booming. We saw this yesterday, when Ripple announced the release of a new dollar-backed stablecoin, in the form of ERC-20. Additionally, the total value of major stablecoins continues to grow, showing continued interest in this asset class.

In conclusion, Japan's regulatory framework for stablecoins, which aimed to ensure user protection after the collapse of TerraUSD, came into effect in June last year. The regulation would ensure that local stablecoins are pegged to the yen or another fiat currency, and that their holders can redeem them at face value.

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