Sony Bank and Soneium Team Up to Investigate Yen-Backed Stablecoin Project

Sony Bank, the financial division of the tech giant Sony Group Corporation, has partnered with Soneium, a Layer 2 Ethereum blockchain

Tech giant Sony Group Corporation's financial division, known as Sony Bank, has announced a partnership with Soneium, a Layer 2 Ethereum blockchain. Together, they will be exploring the possibility of creating a stablecoin pegged to the Japanese Yen, according to a press statement. The project will involve extensive experimentation to ensure alignment with Japan's legal regulations.

The financial institution highlighted its aim to optimize blockchain technology for reducing transaction fees and enhancing payment processing. This initiative also responds to the high transaction costs that have persisted within traditional financial systems.

جالب توجه است که بنیانگذار بلاک چین TRON، جاستین سان، قصد دارد با معرفی یک استیبل کوین که امکان انتقال بدون هزینه گاز را در بلاک چین ترون فراهم می کند، به این چالش بپردازد. در صورت موفقیت، این پروژه می تواند راه را برای پذیرش بیشتر دارایی های دیجیتال در بخش بانکی ژاپن هموار کند.

Furthermore, it could encourage web3 providers to invest in enhancing Japan's digital marketplace, especially considering the US dollar's prevalent dominance.

The upcoming stablecoin project marks not the initial foray into Web3 for Sony. The financial institution has been involved in projects like the Soneium blockchain project and is exploring NFT integration in gaming, among other initiatives. These scalable solutions aim to connect developers, creators, communities, and end users, while Sony positions itself at the forefront of revolutionizing the ever-evolving digital landscape in Japan.

Song Group leverages its proficiency in hardware, software, and content to propel the advancement of technology and entertainment into the future.

Asian countries have been actively pushing for the adoption of Web3 technologies. The country's Ministry of Economy, Trade, and Industry has been supporting investments in Web3 startups, showcasing a strong commitment to embracing Web3's potential.

Recently, the Financial Services Agency (FSA) of Japan revealed plans to implement lower crypto tax by 2025. The crypto sector in Japan is experiencing significant growth, with companies like Metaplanet, Astra Network, and SBI Trade VC flourishing due to the favorable regulatory environment and increased mindfulness towards cryptocurrencies.

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