According to local media reports in Japan, Sony Bank announced its foray into the stablecoin world, launching a trial to issue its fiat-linked digital currency. In collaboration with blockchain company SettleMint, one of the most notable aspects of the pilot program is that the trial will take place on the Polygon blockchain.
Sony Bank’s Strategic Move
Sony Bank’s move to explore stablecoin issuance highlights the company’s strategic focus on leveraging blockchain technology and digital assets to increase its financial services offerings.
By pegging the stablecoin to traditional fiat currencies such as the Japanese yen, Sony Bank aims to reduce transaction fees and facilitate instant payments and remittances for individuals and businesses.
Jun Watanabe, president and representative director of Sony Network and founder of the Web3 platform Astar Network, expressed the company’s ambitious plans, stating:
Sony Bank plans to launch a stablecoin, and Sony plans to l
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