Sony Bank, part of Sony Financial Group, initiates a proof-of-concept to develop a stablecoin pegged to fiat currencies, including the Japanese yen, aiming to facilitate payments within the Sony Group's extensive ecosystem.

The stablecoin project, utilising the Polygon (CRYPTO:MATIC) blockchain for its scalability and low transaction costs, partners with Belgian blockchain firm SettleMint to explore the practical application of stablecoins in enhancing user experiences across gaming, sports, and intellectual property platforms.

In preparation for the broader application of digital assets, Sony Bank announces the forthcoming "Sony Bank Connect" app, designed to simplify the management of digital assets, including NFTs, for its users.

Sota Watanabe, CEO of Startale Labs, hints at a collaboration between Sony Bank and Astar Network for the launch of a stablecoin, reflecting a deepening partnership aimed at establishing a global web3 infrastructure with Sony’s backing.

The momentum for stablecoin development in Japan is supported by a progressive regulatory framework, exemplified by legalisations in June 2023 that enable licensed financial institutions to issue fiat-pegged stablecoins and an encouraging stance towards foreign stablecoins, promoting a thriving environment for the crypto and Web3 sectors.