Sony technological giant will release its own stablecoin on the Polygon network

Sony Bank, the banking division of the Japanese entertainment conglomerate, has begun testing its own stablecoin, backed by the Japanese yen, in the Polygon blockchain sandbox. According to Japanese media reports, the development and application testing of the Sony Bank's stablecoin is being carried out by Belgian blockchain company SettleMint.

During the experiment, participants aim to assess the legal and financial prospects, as well as their consequences related to the transfer of stablecoins backed by the Japanese yen. The company intends to use the advantages and opportunities of stablecoins when using intellectual property in games and sports. In addition, stablecoins in yen, which could become a basic asset for Sony's entertainment and gaming services, will allow users to reduce transaction fees and money transfers, as well as avoid the impact of currency fluctuations in fiat currencies.

Earlier, Sony Bank, the banking division of the Japanese entertainment conglomerate, joined a pool of 60 major financial companies in Japan, which were invited by the Bank of Japan (BOJ) for consultations on introducing digital yen in the country.