Japan’s Sony Bank started experimenting with issuing its own stablecoin pegged to the Japanese yen to use it in payments related to Sony Group products and services.
Sony Bank, the financial division of Sony Group Corporation, announced its intention to issue its own stablecoin. According to local media reports, the stablecoin will be pegged to the Japanese yen.
The Polygon blockchain will be used for the release of the digital asset. Belgian startup SettleMint will provide the technical basis for Sony Bank’s stablecoin.
Jun Watanabe, Director at Sony Network Communications, said that at this stage, the company is evaluating legal issues related to payments with yen-pegged stablecoins. This process could take up to several months.
The main purpose of issuing the stablecoin is to reduce fees for individuals when transferring funds and making payments. Sony is also considering using the stablecoin as a form of payment for the company’s corporate customers who utilize intellectual property (IP) owned by Sony Group.
Meanwhile, Hong Kong’s virtual bank ZA Bank provided stablecoin issuers with access to special banking services that allow them to use safe reserves in fiat to back their digital assets. Stablecoin issuers will also have access to banking services such as funds transfer, payroll management, and various deposit options.
Web3 initiatives are actively developing in the Asian region. In 2023, Japanese authorities simplified taxation for token issuers and developed guidelines for Web3 ventures operating in the region. As for the issuance of stablecoins pegged to the Japanese yen, major local financial companies such as Mitsubishi UFJ Financial Group (MUFG) and DeCurret DCP Inc. achieved success in this context.
