Japan’s Sony Bank is testing a yen-backed stablecoin for game and sports IP payments

Japan's Sony Bank – the financial business unit of Sony Group Corp – said it has begun experimenting with issuing its own stablecoins such as the yen.

In a report from local media Nikkei on April 4, it reported that the trial will be conducted in collaboration with the Polygon blockchain and Belgium-based blockchain company Settle Mint.

The reports were confirmed by Jun Watanabe, president and representative director of Sony Network Communications, in a post on X.

Sony Bank said it would review any legal issues related to the transfer of yen-backed stablecoins. It is expected that these tests will be extended in the next few months.

The banking firm said that individuals can enjoy lower fees when sending money and making payments using the stablecoin.

He also said he would consider it a form of payment for businesses using intellectual property (IP) owned by Sony Group, including games and sports.

The Sony Group has recently been experimenting with incorporating other Web3 technologies into its operations. He filed a patent in March 2023. Gaming platforms.

This move is in an effort to provide players with more opportunities related to their in-game assets.

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In September 2023, Sony Network Communications partnered with Singapore-based Web3 infrastructure developer Stathale Labs to build Sony's own blockchain network.

At the time, Watanabe said the company wanted to create a global infrastructure that would “support the Web3 era” and drive innovation in existing industries. The ban is expected to begin sometime in 2024.

In an April 5 post on X, Watanabe said the fastest way to onboard “billions” to Web3 is to work with existing assets.

Sony's home country of Japan has also leaned into the Web3 community over the past year. In February, the Ministry of Economy, Trade and Industry (METI) said it was planning to increase strategic local investments into Web3 startups by allowing limited partnership (LP) companies to own and hold crypto assets.

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