Stablecoin

Bank AI

Astar

Polygon

<h4><strong>Sony Bank has launched a proof-of-concept for its fiat-pegged stablecoin, highlighting its growing focus on blockchain.</strong></h4> 
<p>This trial is occurring on the <a href="https://www.altcoinbuzz.io/?s=polygon" target="_blank" rel="noopener">Polygon blockchain</a>. This choice underscores Sony’s dedication to using advanced blockchain infrastructure for its digital currency projects.</p> 
<h5><strong>Sony’s Stablecoin Trial on Polygon</strong></h5> 
<p>The decision to explore the potential of stablecoins, as reported by <a href="https://www.nikkei.com/article/DGXZQOUB02D980S4A400C2000000/?n_cid=SNSTW005" target="_blank" rel="noopener">Nikkei</a>, is driven by the desire to reduce payment and remittance fees. This matches Sony’s strategy to use digital currencies to promote its intellectual properties, especially in gaming and sports.</p> 
<p>Sony’s stablecoin trial focuses on both technology and the legal aspects of digital currencies. The trial aims to address and resolve any legal concerns related to the transfer of Japanese yen-backed stablecoins. This months-long exploration will be crucial for assessing the feasibility and legal compliance of Sony’s stablecoin. Belgium-based blockchain firm SettleMint has been tasked with spearheading this development, bringing their expertise to ensure the project’s success.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Sony Bank plans to launch stablecoin and Sony plans to launch a blockchain with us. It is getting ready. <a href="https://t.co/J6jqsjGnTa">https://t.co/J6jqsjGnTa</a></p> 
 <p>— Sota Watanabe (@WatanabeSota) <a href="https://twitter.com/WatanabeSota/status/1776048966054154365?ref_src=twsrc%5Etfw">April 5, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>This move is part of Sony Group’s broader foray into Web3 technologies. The company’s video game division recently made headlines with its <a href="https://www.theblock.co/post/221718/sony-nfts-new-patent-filed-by-gaming-and-entertainment-powerhouse" target="_blank" rel="noopener">patent application</a> aimed at integrating NFTs into gaming. This approach could give gamers more control over in-game assets, transforming gaming with new ownership and traceability features.</p> 
<p>Moreover, Sony is <a href="https://www.theblock.co/post/250361/sony-startale-labs-blockchain-web3" target="_blank" rel="noopener">collaborating</a> with Startale Labs, a core developer behind the Astar Network, to create its public blockchain network. According to Startale CEO Sota Watanabe, this ambitious project is now in the execution phase, following one and a half years of meticulous development. This collaboration signifies Sony’s intention to not only participate in the blockchain ecosystem but to actively shape its future.</p> 
<p>As Sony Bank moves forward with its stablecoin proof-of-concept on the Polygon blockchain, the implications for the entertainment and gaming industries, as well as for the broader digital economy, could be profound.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/sony-bank-tests-stablecoin-on-polygon-blockchain/">Sony Bank Tests Stablecoin on Polygon Blockchain</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Sony Bank Tests Stablecoin on Polygon Blockchain

Altcoin Buzz

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