According to Japanese media, the development of Sony Bank's stablecoin and testing of its application functionality has been entrusted to the Belgian blockchain company SettleMint. During the experiment, the project participants intend to assess the legal and financial prospects, as well as their consequences related to the transfer of stablecoins backed by the Japanese yen.
The company intends to use the advantages and opportunities of using stablecoins in the exploitation of intellectual property in games and sports. In addition, yen-denominated stablecoins, which can become a basic asset for Sony entertainment and gaming services, will reduce user fees for payments and money transfers, as well as avoid the impact of the exchange rate difference of fiat currencies.
Earlier, the banking division of the entertainment conglomerate Sony joined a pool of 60 of Japan's largest financial companies, which were invited by the Bank of Japan (BOJ) to consult on the introduction of the digital yen in the country.