Sony Bank Tests Yen-Backed Stablecoin for Gaming and Sports IP Payments

Sony Bank, the financial arm of Sony Group Corporation, has announced its plans to experiment with issuing its own stablecoin. The trial will take place on the Polygon blockchain and will be a collaboration with SettleMint, a Belgium-based blockchain company. The president of Sony Network Communications, Jun Watanabe, confirmed these reports. The purpose of the trial is to assess any legal issues associated with transferring stablecoins pegged to the yen. The experiments are expected to last for several months.

By utilizing stablecoins, Sony Bank hopes to offer individuals lower fees for sending money and making payments. It plans to consider stablecoins as a form of payment for businesses within the Sony Group, particularly those related to intellectual property (IP) like games and sports. This demonstrates Sony’s interest in adopting Web3 technologies in its operations.

Sony has been actively exploring other Web3 technologies, such as nonfungible tokens (NFTs). In March 2023, Sony’s video game division filed a patent for an NFT framework, aiming to enhance the opportunities associated with in-game assets. Sony Network Communications partnered with Startale Labs, a Singapore-based Web3 infrastructure developer, to create Sony’s own blockchain network. This initiative aims to establish a global infrastructure that fosters innovation across industries. The launch of Sony’s blockchain is expected in 2024.

According to Watanabe, the president of Sony Network Communications, working with existing assets is the fastest way to introduce billions of people to Web3. This aligns with Sony’s vision of building a Web3 era infrastructure. Japan, as Sony’s home country, has also been showing interest in the Web3 community. In fact, the Ministry of Economy, Trade and Industry (METI) recently announced plans to promote strategic domestic investments in Web3 startups by allowing limited partnership firms to acquire and hold cryptocurrency assets.