Sony Group Eyes Stablecoin Integration for Cost Reduction

Sony Group’s banking arm, Sony Bank, is set to unveil a stablecoin on Polygon, aiming to streamline internal payments and remittances.

The Japanese game and entertainment corporation Sony has announced that its banking branch, Sony Bank, will debut a stablecoin on Polygon. Nikkei reports that Sony Group has initiated proof-of-concept testing for an upcoming fiat currency-pegged stablecoin.

It was reported that they want to reduce expenses for internal payments and remittances, which is driving their intentions to launch a stablecoin. Supposedly, the firm is working on integrating the stablecoin with all of the group’s gaming and sports IP.

In its pursuit of NFT integration into its games, the Group has lately filed a patent application for “super-fungible tokens,” which brings us to our next news. 

They have been in the news recently for its in-camera digital signature technology, which has drawn comparisons to non-fungible tokens and will allow users to confirm the source of anything shot with its devices.

In June of last year, a division of the Japanese IT behemoth, Sony Network Communications, made a $3.5 million strategic investment in Startale Labs. Together, the two firms will construct a global web3 infrastructure for widespread use.

Nikkei reports that Sony plans to continue testing stablecoins tied to the Japanese yen for a few more months while it assesses the potential legal repercussions.

The Block reports that SettleMint, a blockchain company based in Belgium, is in charge of developing the stablecoin.

Coincidentally, with stablecoins being all over the news recently, this announcement comes as a bit of a surprise. On Thursday, Ripple announced their plans to introduce a stablecoin associated with the US dollar and other fiat currencies.

The new business Agora, headed by crypto veterans Drake Evans and Joe McGrady, along with Nick Van Eck—the son of Jan Van Eck—received $12 million earlier this week from General Catalyst and Robot Ventures. The venture aims to launch its own stablecoin.