Sony Bank has started experimenting with issuing a stablecoin linked to currencies, including the yen. According to the Nikkei, it plans to explore whether stablecoins can be used as a settlement method for Sony Group digital sales, including games.
Belgian tech company Settlemint is developing the stablecoin using the Polygon blockchain. Settlemint’s Japanese reach comes from a strategic partnership with Fujitsu.
Under Japanese legislation, there are three types of stablecoins, with banks allowed to issue deposit-backed coins. The bank is also affiliated with Sumitomo Mitsui Trust Bank (SuMi Trust) for digital securities. Hence, a trust-backed token may also be a possibility.
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