- Sony Bank initiates a proof-of-concept on the Polygon blockchain to explore issuing its own fiat-pegged stablecoin.
- Amidst expanding Web3 initiatives, Sony Group explores NFT integration in gaming and plans a Sony Bank CONNECT app for Web3 rewards.
A Nikkei report stated that Sony Bank has started a proof-of-concept (PoC) to issue its own stablecoin pegged to fiat currency. The trial is set to occur on the Polygon blockchain.
Based on another report, via this PoC, Sony Bank aims to pinpoint technical and legal challenges related to the creation, redemption, and trading of stablecoins. It will also continue to investigate the wider adoption of stablecoins and their application in broadening a safe and secure economic environment for creators and fans in the Web3 era.
Lately, Sony Group has been working actively towards expanding its Web3 initiatives. Last month, the group’s video game division filed a patent that involves the incorporation of non-fungible tokens (NFTs) into game mechanics. The patent Sony filed details a "Super-Fungible Token," which combines a collection of game assets, permitting the use of just one from the set at any given time within the game.
The same month, Sony Bank also announced it plans to launch a Sony Bank CONNECT app for NFTs and other Web3 entertainment rewards linked to its financial services.
Note: Various users across social media platforms are disseminating the news that "SONY is launching a stablecoin." However, it's crucial to clarify that the entity behind this initiative is Sony Bank. Sony Bank operates as a subsidiary of Sony Financial Holdings, which is the financial division of the multinational conglomerate, Sony Group Corporation.
Edited by Harshajit Sarmah
