{"id":30933,"date":"2024-04-06T10:45:50","date_gmt":"2024-04-06T10:45:50","guid":{"rendered":"https:\/\/icoinmarket.com\/japanese-banks-continue-to-embrace-stablecoin-innovation\/"},"modified":"2024-04-06T10:45:50","modified_gmt":"2024-04-06T10:45:50","slug":"japanese-banks-continue-to-embrace-stablecoin-innovation","status":"publish","type":"post","link":"http:\/\/icoinmarket.com\/japanese-banks-continue-to-embrace-stablecoin-innovation\/","title":{"rendered":"Japanese Banks Continue to Embrace Stablecoin Innovation"},"content":{"rendered":"
\n
<\/p>\n
Sony Bank, a Japanese commercial bank from Sony Financial Group, has launched a proof-of-concept experiment to develop a stablecoin pegged to fiat currencies, including the Japanese yen.<\/p>\n
The initiative aims to explore the potential of stablecoins for streamlining payments and remittances within the Sony Group\u2019s diverse ecosystem, which spans gaming, sports, and other intellectual properties.<\/p>\n
According to Nikkei\u2019s report, Sony Bank\u2019s experiment will leverage the Polygon blockchain, known for its scalability and low transaction fees. Additionally, Sony Bank has partnered with SettleMint, a Belgian blockchain development firm, to facilitate the project\u2019s technical execution.<\/p>\n
The trial is expected to run for several months and address potential legal considerations surrounding yen-backed stablecoin transfers.<\/p>\n
Sony seeks to harness stablecoins to enhance the user experience within its content offerings. Consequently, the company could facilitate the seamless trade of digital assets for Sony\u2019s gaming and entertainment platforms by using stablecoins.<\/p>\n
This move aligns with Sony Bank\u2019s upcoming \u201cSony Bank Connect\u201d app launch. The app provides a user-friendly environment for managing digital assets, including NFTs (non-fungible tokens).<\/p>\n
Read more: A Guide to the Best Stablecoins in 2024<\/p>\n