Sony Bank, the banking arm of the Japanese gaming and entertainment conglomerate, has started a proof-of-concept to issue its own stablecoin pegged to fiat currency, a Nikkei report stated. The trial is set to occur on the Polygon blockchain.

Due to the advantages of reduced payment and remittance fees, Sony is exploring the use of stablecoins to promote the company’s intellectual properties in gaming and sports, according to the report.

Sony’s stablecoin experiment will assess any legal issues associated with transferring Japanese yen-backed stablecoins and is anticipated to continue for several months, as Nikkei reported. The development will be entrusted to Belgium-based blockchain firm SettleMint.

Sony Group has recently been actively expanding its Web3 development. Last month, its …