Japan's Sony Bank tests yen-backed stablecoin for gaming and sports IP payments
Sony Bank says it is experimenting with the possibility of issuing its own yen-backed stablecoin as a form of payment for businesses that use intellectual property (IP) owned by the Sony Group.
The Japanese Sony Bank — the financial business unit of the Sony Group Corporation — said it has begun experimenting with issuing its own stablecoin pegged to fiat currencies, such as the yen.
According to a report from local media outlet Nikkei on April 4, the trial is set to occur on the Polygon blockchain and in collaboration with the Belgium-based blockchain company SettleMint.
The reports were confirmed by Jun Watanabe, the president and representative director of Sony Network Communications, in a post on X.
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