Sony Bank, the financial arm of Sony Group Corporation in Japan, has initiated trials for creating its own stablecoin linked to fiat currencies like the Japanese yen. The trial, reported by local media outlet Nikkei on April 4, will be conducted on the Polygon blockchain in partnership with SettleMint, a blockchain company based in Belgium. The president of Sony Network Communications, Jun Watanabe, confirmed these reports on X.

The bank aims to assess any legal implications related to the transfer of yen-backed stablecoins and anticipates conducting these experiments over the next few months. By utilizing stablecoins, Sony Bank hopes to leverage lower transaction fees for individuals and potentially offer them as a payment method for businesses within the Sony Group, including gaming and sports ventures.

Sony Group has been exploring various Web3 technologies, including incorporating nonfungible tokens (NFTs) into its gaming division, to provide more opportunities for gamers with in-game assets. Additionally, in September 2023, Sony Network Communications partnered with Startale Labs to develop its own blockchain network, with plans for a launch in 2024.

Meanwhile, Japan itself has been increasingly involved in the Web3 community, with initiatives such as allowing limited partnership firms to acquire and hold crypto assets, aiming to boost strategic domestic investments in Web3 startups.