Based on what a Nikkei report indicates, Sony Bank he started experimenting the issuance of a stablecoin tied to various currencies, including the yen. According to the Japanese newspaper, the bank intends to evaluate whether stablecoins can be used in relation to the Sony Group's digital sales, including games. In other words, stablecoins could also arrive on PlayStation, but for the moment it is not clear if it will happen, in what way and if so when.
There Belgian technology company Settlemint is developing the stablecoin using the Polygon blockchain. Settlemint reached Japan thanks to a strategic partnership with Fujitsu. The bank is also affiliated with Sumitomo Mitsui Trust Bank (SuMi Trust) for digital securities.
We remember that stablecoin is a type of cryptocurrency whose value is fixedly linked to another type of currency or commodity.
Sony's activities in Web3
Sony Group and Sony Bank already have invested in multiple ways in the Web3 sector.
Last year, Sony Group invested in Startale Labs, associated with the founding of Astar Network. The Group is building its own blockchain to leverage its intellectual properties in the metaverse. These properties are very large, as the group owns Sony Pictures (formerly Columbia Pictures), Sony Music and Sony PlayStation, among others.
Meanwhile, Sony Bank is preparing to release its app Sony Bank CONNECT to offer NFTs and web3 entertainment rewards linked to financial services products. The first planned product is a security token in association with SuMi Trust and aimed at its Japanese customer base. Securitize will manage the issuance of the token.
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