Sony Doubles-Down on Web3 Strategy With a Stablecoin Trial on Polygon

The Japanese gaming and entertainment conglomerate’s banking arm, Sony Bank is testing a proof-of-concept to issue a stablecoin pegged to fiat currency.
Image source: Sony Bank

Quick take:

  • The company plans to adopt the stablecoin as a payment method across Sony Group’s gaming and sports IP.
  • Sony believes stablecoins can reduce costs associated with payments and remittances.
  • The development of the stablecoin has been tasked to Belgium-based blockchain firm SettleMint.

Sony Bank, the banking arm of the Japanese gaming and entertainment conglomerate has announced plans to launch a stablecoin on Polygon. According to a report by Nikkei, Sony Group has already started testing a proof-of-concept to issue a stablecoin that will be begged to fiat currency.

The report also suggests Sony’s stablecoin plans are driven by the desire to cut fees associated with payments and remittances within the group. The company is said to be planning to adopt the stablecoin as a payment method across the Group’s intellectual property for gaming and sports.

This announcement comes on the heels of the Group’s recent patent application for “super-fungible tokens” as it looks to implement NFTs in its games

Earlier this year, Sony announced it is developing an in-camera digital signature technology that enables users to verify the origin of content captured with its devices, heralding comparisons to non-fungible tokens.

Last June, Sony Network Communications, a subsidiary of the Japanese technology giant announced a $3.5 million strategic investment in Startale Labs that will see both companies collaborate to develop a global infrastructure for the mass adoption of web3.

The stablecoin testing is expected to continue for several months, Nikkei reported, as Sony assesses the legal implications of transferring Japanese yen-pegged stablecoins.

The development of the stablecoin has been tasked to the Belgium-based blockchain firm SettleMint, The Block reported.

This announcement comes at a time when stablecoins are dominating headlines in the crypto space. On Thursday, Ripple announced plans to issue a stablecoin pegged to the US dollar and other cash equivalents.

Earlier in the week, Nick Van Eck, the son of investment management veteran Jan Van Eck, with crypto veterans Drake Evans and Joe McGrady raised $12 million from General Catalyst and Robot Ventures for their new venture Agora, which plans to issue its own stablecoin.

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