TechFlow reported, citing The Block, that Sony Bank, the banking arm of Japanese gaming and entertainment conglomerate Sony, has begun a proof-of-concept on Polygon to issue its own fiat-backed stablecoin, exploring the use of stablecoins to promote the company's intellectual property in gaming and sports.
According to the Nikkei, Sony's stablecoin experiment will assess any legal issues related to transferring yen-backed stablecoins and is expected to last several months. The development will be outsourced to SettleMint, a blockchain company headquartered in Belgium.




