Sony Bank, a branch of the Japanese gaming and entertainment company, has initiated a trial to introduce its stablecoin linked to the Yen. The trial is taking place on the Polygon blockchain, marking Sony's first venture into digital currencies to promote its gaming and sports properties through stablecoins. SettleMint, a Belgium-based blockchain company, will oversee the implementation of the trial to assess any legal implications of Japanese yen-backed stablecoin transfers.

Sony's Venture into Web3 Projects

Recently, Sony Group has shown increased involvement in Web3 initiatives. Its gaming division filed a patent application to explore NFT integration for in-game asset utilization. Sony has also teamed up with Startale Labs to develop a proprietary public blockchain network. Despite third-party sources reporting on these developments, Sony Bank has not provided any official updates on these projects.

Experts View Favorable Regulatory Environment in Japan

Analysts view Sony Bank's steady entry into the crypto sphere as Japan's regulatory laws on stablecoins have progressed positively. In 2022, regulations were implemented to safeguard users after the TerraUSD collapse, requiring local stablecoins to be tied to the yen or another fiat currency with the ability for holders to redeem at face value. This has led to other cryptocurrency and financial companies exploring stablecoin issuance platforms within Japan, like MUFG's "Progmat Coin" for Japanese yen-pegged stablecoins on public blockchains.