Sony Bank, the digital arm of Sony Financial Group, is preparing to introduce a new payment option that uses blockchain technology.
The bank plans to release a stablecoin tied to the US dollar by 2026, which will allow people in the United States to use it across Sony’s products and services, including PlayStation purchases, subscriptions, and anime content.
According to a report by Nikkei, Sony aims to make transactions smoother and cheaper for its American customers, who represent about one-third of Sony Group’s overseas revenue.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
How to Use Crypto? 5 Rewarding Strategies Explained (Animated)
The new currency is expected to work alongside credit and debit cards.
As part of this effort, Sony Bank applied for a US banking license in October. The company also partnered with Bastion, a US-based stablecoin issuer, to support the project’s technical and regulatory aspects.
The company has also been expanding its presence in Web3 technologies. Sony Bank created a separate branch dedicated to blockchain-related business. In a statement, the bank said, “Digital assets utilizing blockchain technology are incorporated into a diverse range of services and business models”.
This Web3 branch, later named BlockBloom, aims to bring together fans, creators, and brands through a platform that connects physical and digital experiences.
Klarna, a Swedish payments company, recently introduced a new stablecoin, KlarnaUSD, which is pegged to the US dollar. What is the goal of the initiative? Read the full story.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
