Blockchain for Banking News

Sony Bank trials stablecoins on Polygon blockchain

sony bank stablecoin

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. 

Sony Group and Sony Bank have significant Web3 activities. Last year, Sony Group invested in Startale Labs, which is associated with the founding of the Astar Network. The Group is building its own blockchain to leverage its intellectual property in the metaverse. Those properties are vast because it owns Sony Pictures (formerly Columbia Pictures), Sony Music and Sony PlayStation, amongst others.

Meanwhile, Sony Bank is readying to launch its Sony Bank CONNECT app to offer NFTs and web3 entertainment rewards linked to financial services products. The first planned product is a US dollar green finance security token in association with SuMi Trust and targeted at its Japanese customer base. Securitize will manage the token issuance.

Sony Bank already offers digital securities to its customers. Last year, it partnered with Mitsui & Co Digital Asset Management (Mitsui) as an introducer, enabling Sony Bank clients to invest in Alterna digital securities backed by real estate. Mitsui’s Alterna deliberately sidesteps traditional brokers, enabling clients to invest directly with the asset manager.