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Sony Bank Introduces Stablecoin Trial on Polygon Blockchain

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by Giorgi Kostiuk

2 years ago

The banking division of Sony, Sony Bank, has begun a trial on the Polygon blockchain to explore stablecoin options. This move by Sony aims to investigate the benefits of stablecoins in reducing payment and remittance fees while also supporting gaming and sports intellectual properties. The project, which will involve Japanese yen-backed stablecoins, is anticipated to last several months and will be managed by SettleMint, a blockchain company based in Belgium.

Sony Group has been actively involved in Web3 development recently. In a patent filed by the gaming division, there are plans to incorporate non-fungible tokens (NFTs) to enhance the flexibility of gaming assets. Collaborating with Startale Labs, a significant developer of Astar Network, Sony has been working on creating its public blockchain network. Startale Labs' CEO, Sota Watanabe, confirmed that after a year and a half of development, the project is now entering the execution phase.

*This content is not intended as financial advice.

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