Sony Bank, the banking arm of the Japanese gaming and entertainment giant, has launched a proof-of-concept to issue its own stablecoin pegged to fiat currency, a Nikkei report said. The trial is scheduled to be held the next day. polygon Matic
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According to the report, due to the benefits of lower payment and transfer fees, Sony is exploring the use of stablecoins to promote the company’s intellectual property in the gaming and sports sectors.
Sony’s stablecoin experiment will evaluate all legal issues related to the transfer of Japanese yen-backed stablecoins and is expected to continue for several months, as reported by Nikkei. Development will be entrusted to SettleMint, a blockchain company based in Belgium.
Sony Group has been actively expanding Web3 development recently. Last month, the video game division filed a patent request to adopt NFTs to give game users more flexibility in utilizing in-game assets.
Sony is also collaborating with Startale Labs, a key developer of the Asta Network, to build its own public blockchain network. Startale CEO Sota Watanabe said in an interview with The Block that the project is currently in the implementation phase after a year and a half of development.
Sony Bank did not immediately respond to The Block’s request for comment.
Stablecoin activity in Japan
Japan’s regulatory framework for stablecoins is as follows: pursue Measures to ensure user protection following the collapse of TerraUSD came into effect in June last year. that much Known to be guaranteed due to regulations Local stablecoins are pegged to the yen or other fiat currency, and holders can redeem them at face value.
Since then, cryptocurrency and financial companies have begun exploring stablecoin issuances in the world’s fourth-largest economy. Last September, Binance Japan partnered with local bank MUFG to explore the issuance of a fiat-pegged stablecoin.
USDC issuer Circle also alliance Last November, domestic giant bank SBI Holdings investigated ways to distribute USDC, the world’s second-largest stablecoin, in Japan.
Earlier this week, Japan’s regional bank Hokkoku announced the launch of Tochika, Japan’s first bank deposit-backed stablecoin. Stablecoins are used at some retail stores in Suzu City, Ishikawa Prefecture.
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