Sony Bank to Launch Dollar-Pegged Stablecoin for Content Purchases
Published: November 2, 2023 | Last Updated: November 2, 2023
Sony Bank, the financial arm of the electronics conglomerate Sony, is preparing to launch a U.S. dollar-pegged stablecoin. The digital currency is envisioned as a payment method for Sony’s extensive content library, including games, movies, and music.
The bank has partnered with Bastion, a regulated stablecoin service provider, to facilitate the rollout of the stablecoin, anticipated in 2024. Bastion will serve as the exclusive issuance provider, managing both the reserves backing the coin and its secure custody.
Sony intends to integrate the stablecoin into its various platforms,enabling seamless in-app purchases for digital content. This encompasses a wide range of offerings,from video games available through the PlayStation Store to anime and music streamed via Crunchyroll,Sony’s popular anime platform. Sony is a leading global player in the video game industry.
Beyond consumer applications, bastion notes the potential for the stablecoin to streamline Sony Group’s internal financial operations, including treasury management and inter-company settlements.
Kazuhito Hadano, CEO of Sony Ventures Corporation
“We are truly delighted to see our Sony Innovation Fund portfolio company Bastion named as Sony Bank’s strategic provider as the company expands into digital assets.Together they will bring stablecoins to the mass market and set the tone for enterprise adoption of digital assets.”
Implications for Digital Asset Adoption
this move signals a significant step towards broader enterprise adoption of digital assets. By leveraging a stablecoin, Sony aims to provide a more efficient and accessible payment experience for its vast customer base.
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