Sony Bank, a subsidiary of the Japan-based multinational conglomerate Sony Group, is reportedly venturing into the world of digital currency by testing a yen-pegged stablecoin.

This digital currency initiative aims to facilitate transactions within the Sony Group and its affiliated companies, enhancing efficiency and reducing costs associated with traditional financial mechanisms.

For the pilot project, Sony Bank has chosen to collaborate with the Polygon blockchain, a decision that underscores the bank's commitment to leveraging cutting-edge technology for its digital currency venture.

The collaboration also involves Settlemint, a crypto firm known for its expertise in providing blockchain solutions, indicating a concerted effort to ensure the project's success by drawing on the strengths of reputable partners in the cryptocurrency domain.