Sony Bank Introduces Stablecoin Trial on Polygon Blockchain

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

Blockchain.com and NYSE Join Forces to Launch Tokenized Trading Platform

Blockchain.com and the New York Stock Exchange have signed an agreement to develop a platform for trading tokenized US stocks and ETFs.

user avatarLeo van der Veen

Circle Launches StableFX for Onchain Foreign Exchange

Circle has launched StableFX, a service for institutions to exchange stablecoin-denominated currencies on its blockchain, Arc, enabling 24/7 currency exchanges and improving foreign exchange efficiency.

user avatarLi Weicheng

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.