Sony Testing a Stablecoin for Gaming and Sports Payment Solutions

The Sony Group Corporation subsidiary Sony Bank has revealed that it intends to explore stablecoins, which are digital currencies linked to fiat currencies. As part of the project, Polygon blockchain testing will be carried out in partnership with SettleMint, a Belgian blockchain company.

The project was confirmed by Sony Network Communications’ President and Representative Director, Jun Watanabe, in an X post. The objective of Sony Bank is to examine the legal nuances related to the creation and exchange of stablecoins backed by yen. The firm will evaluate if using stablecoins to enable affordable transactions and payments is feasible during the trial phase, which is expected to take place over the next several months.

Potential Applications and Future Ventures

Furthermore, Sony envisions exploring the integration of stablecoins as a payment mechanism within sectors utilizing its intellectual property (IP), including gaming and sports ventures under the Sony Group umbrella.

Sony’s foray into stablecoin experimentation coincides with its broader adoption of Web3 technologies. In a recent move, the company’s gaming division filed a patent outlining plans to introduce nonfungible tokens (NFTs) through an initiative dubbed the “NFT framework for transferring and using Digital Assets between game platforms.”

Alongside these initiatives, in September of last year, Sony Network Communications formed a joint venture with Startale Labs, a Singapore-based builder of Web3 infrastructure. The joint venture’s goal is to build Sony’s own blockchain network, which is envisioned as the fundamental framework for the Web3 era’s advancement and as a catalyst for innovation in a variety of industries. Later this year is when this blockchain network is expected to start.

Recent initiatives highlight Japan’s dedication to promoting Web3 innovation. The Ministry of Trade, Industry, and Economy announced intentions in February to increase strategic investments in local Web3 firms. By enabling limited partnership organizations to purchase and handle cryptocurrency assets, Japan is demonstrating that it is taking the initiative to develop its Web3 ecosystem.