Stablecoin

Pilot

Bank AI

Polygon

Billion

According to local media <a href="https://www.nikkei.com/article/DGXZQOUB02D980S4A400C2000000/?n_cid=SNSTW005" target="_blank" rel="noopener nofollow">reports</a> in Japan, Sony Bank announced its foray into the stablecoin world, launching a trial to issue its fiat-linked digital currency. In collaboration with blockchain company SettleMint, one of the most notable aspects of the pilot program is that the trial will take place on the Polygon blockchain. 
<h2 id="sony-bank-s-strategic-move">Sony Bank’s Strategic Move</h2> 
Sony Bank’s move to explore stablecoin issuance highlights the company’s strategic focus on leveraging <a href="https://bitcoinist.com/jp-morgan-reason-ethereum-not-security/" target="_blank" rel="noopener ">blockchain technology</a> and digital assets to increase its financial services offerings.&nbsp; 
By pegging the stablecoin to traditional fiat currencies such as the Japanese yen, Sony Bank aims to reduce <a href="https://bitcoinist.com/solana-existential-moment-co-founder-speaks-out/" target="_blank" rel="noopener ">transaction fees</a> and facilitate instant payments and remittances for individuals and businesses. 
Jun Watanabe, president and representative director of Sony Network and founder of the Web3 platform Astar Network, <a href="https://x.com/WatanabeSota/status/1776048966054154365" target="_blank" rel="noopener nofollow">expressed </a>the company’s ambitious plans, stating:&nbsp; 
<blockquote>
 Sony Bank plans to launch a stablecoin, and Sony plans to launch a blockchain with us. It is getting ready.&nbsp;
</blockquote> 
Furthermore, Watanabe <a href="https://x.com/WatanabeSota/status/1776067605490811067" target="_blank" rel="noopener nofollow">emphasized </a>the potential of leveraging existing assets and services, rather than starting from scratch, as the most effective means of bringing billions of users into the Web3 ecosystem.&nbsp; 
This latest development aligns with Sony’s ongoing efforts to embrace blockchain technology and Web3 applications. Last year, <a href="https://bitcoinist.com/sony-invests-in-startale-labs-for-web3-adoption/" target="_blank" rel="noopener ">Bitcoinist </a>reported that Sony Network Communications partnered with Japanese Web3 technology company Startale Labs to support the advancement of Startale’s services and product development.&nbsp; 
The partnership focused on developing all-in-one solutions for Web3 development and prioritizing integrating real-world assets into the decentralized ecosystem. 
While Polygon has refrained from making detailed statements about the partnership as of this writing, the project’s reposting of the collaboration announcement on social media site X (formerly Twitter) reaffirms its support for the initiative. 
<h2 id="polygon-s-stablecoin-market-cap-surpasses-1-5-billion">Polygon’s Stablecoin Market Cap Surpasses $1.5 Billion</h2> 
As of the latest <a href="https://defillama.com/stablecoins/Polygon" target="_blank" rel="noopener nofollow">data </a>from DefiLlama, the Polygon blockchain has established a stablecoin market capitalization of $1.511 billion. Over the past week, however, there has been a slight decline of 1.44% in the market capitalization.&nbsp; 
On the other hand, Tether’s USDT stablecoin continues to dominate the <a href="https://bitcoinist.com/2024-crypto-boom-coinledger-study-unveils-portfolio/" target="_blank" rel="noopener ">stablecoin market</a> with a commanding 52.16% market share. 
Token Terminal <a href="https://tokenterminal.com/terminal/projects/polygon" target="_blank" rel="noopener nofollow">data </a>also reveals additional metrics highlighting Polygon’s performance. The fully diluted market capitalization, representing the maximum potential value of the tokens in circulation, stands at $9.04 billion, reflecting a 13.0% decrease over the past 30 days.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-292291" src="https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot_95.jpg?w=642&amp;resize=642%2C361" alt="Polygon " width="642" height="361" srcset="https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot_95.jpg?w=642&amp;resize=642%2C361 642w, https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot_95.jpg?w=640 640w" sizes="(max-width: 642px) 100vw, 642px" data-recalc-dims="1"> 
Meanwhile, the circulating market capitalization, which considers the active circulation tokens, is valued at $8.93 billion, showing the same 13.0% decrease. 
On the trading front, Polygon’s native token MATIC has seen a positive trend in token trading volume over the past 30 days. The <a href="https://bitcoinist.com/bitcoin-bullish-accumulation-addresses-buying-big/" target="_blank" rel="noopener ">trading volume</a> during this period amounted to $19.66 billion, marking a notable increase of 13.1%. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/ldYEbfA7/" alt="Polygon " width="1815" height="858"> 
MATIC is experiencing a lack of bullish momentum, coinciding with the overall market’s price correction. The cryptocurrency trades at $0.8824, representing a 3.5% price decline in the past 24 hours.&nbsp; 
Notably, MATIC stands among the few largest cryptocurrencies that have witnessed year-to-date negative figures, with a 22.8% price decline over this period, according to CoinGecko <a href="https://www.coingecko.com/en/coins/polygon" target="_blank" rel="noopener nofollow">data</a>. 
Featured image from Shutterstock, chart from TradingView.com

Sony Bank Leverages Polygon Blockchain For Stablecoin Pilot Program

Table of Contents

Bitcoinist

Other articles published on Apr 5, 2024

BONK Crypto Price Prediction: What Next in Bonk Crypto Price?

Binance Coin and Polygon Holders Gather Around 100X DeeStream’s Stage 2 Celebrated Success in Str...

Top 3 Exchanges To Buy Cardano From In 2022

Could Bitbot’s Presale Passing $1.8m Trigger Telegram Trading Trend in 2024?

Bitcoin holders, here’s how your FUD can help BTC hit $70,000 again

Top Crypto Gainers Today Apr 05 – Telcoin, Ethereum Classic, Stacks, Reserve Rights

Join our free newsletter for daily crypto updates!