Sony Bank, the financial division of Sony Group, is testing stablecoins on the Polygon blockchain. The trial targets payment systems in gaming and sports, exploring how blockchain-backed tokens could reduce transaction costs and open new possibilities for web3 gaming where blockchain technology is already reshaping how players interact with digital assets.
This isn't Sony dipping a toe in — it's a calculated push into digital finance infrastructure that could change how the company monetizes its gaming and entertainment properties.
Testing yen-backed tokens
Sony Bank's stablecoin trial will issue tokens pegged to Japanese yen and run for several months on the Polygon blockchain. The test will examine technical performance and legal questions around transferring and using yen-backed stablecoins in real transactions.
Sony has partnered with SettleMint, a Belgium-based blockchain firm, to handle the technical setup and navigate regulatory requirements. The goal is straightforward: lower payment and remittance fees while testing whether stablecoins can support Sony's intellectual properties in gaming and sports.
Sony's broader web3 strategy
The stablecoin trial fits into Sony's larger blockchain plans. The company's video game division recently filed a patent to integrate Non-Fungible Tokens (NFTs) into games, letting players manage in-game assets across platforms.
Sony Group is also building its own public blockchain network with Startale Labs, the team behind Astar Network. That project has moved into execution after more than a year of development.
At the BUIDL Asia conference in Seoul, Sota Watanabe, founder of Astar Network, said the coming months would bring significant updates to the Astar Network and Sony partnership. The collaboration, which started last year, aims to drive mass adoption of blockchain technology using Sony's existing user base.
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Sony's blockchain network takes shape
Sony Network Communications teamed up with Startale Labs to build Sony's blockchain network. Watanabe described the work as intensive and focused on making blockchain accessible to people who don't already use web3 products.
"Our focus is going to be mass adoption," Watanabe said. The plan is to use Sony's reach to onboard users who aren't already in the blockchain space.
Sony has already patented "super-fungible tokens" for NFT transfers in gaming. But Watanabe clarified the new blockchain network won't be limited to gaming or NFTs — the scope is broader.
Watanabe avoided specifics about how Japan's new stablecoin regulations would affect Astar projects, but mentioned ongoing discussions with banks and companies. Announcements are expected in the coming months.
What Astar Network brings
Astar Network is a smart contract platform supporting both EVM and WebAssembly environments. It has worked with major conglomerates in Japan, including Toyota, NTT Docomo, and SoftBank.
The network recently launched a zkEVM network based on Polygon's AggLayer, enabling cross-chain transactions between Astar and Polygon through shared liquidity. Watanabe expects AggLayer's impact to grow as more partners adopt the solution.
Watanabe stressed the importance of marketing blockchain technology to politicians and the public. He argued that while the technology has transformative potential, effective communication and regulatory engagement are necessary for broader acceptance of web3.
As Astar Network works through its partnership with Sony, Watanabe's approach highlights the need for both technical innovation and clear communication to shape web3's future.
Japan's stablecoin regulations
Japan's regulatory landscape for stablecoins shifted last year after the TerraUSD collapse. New rules require local stablecoins to be pegged to the yen or another fiat currency, and holders must be able to redeem them at face value.
This has prompted crypto and finance companies to explore stablecoin issuance in Japan. Binance Japan is working with MUFG to study fiat-pegged stablecoins. Circle, the issuer of USDC (the second-largest stablecoin), has partnered with SBI Holdings to explore USDC circulation in the Japanese market.
Hokkoku, a regional bank in Japan, recently launched Tochika, the country's first bank deposit-backed stablecoin. Tochika will be used in select retail outlets in Suzu city, Ishikawa prefecture, marking a milestone in Japan's stablecoin landscape.
Sony Bank's trial on the Polygon blockchain shows how traditional finance, gaming, and blockchain technology are converging. If the test succeeds, it could reshape how Sony handles transactions and monetizes intellectual properties in gaming and sports.
