{"id":9733,"date":"2024-04-05T20:42:14","date_gmt":"2024-04-05T20:42:14","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/sony-bank-leverages-polygon-blockchain-for-stablecoin-pilot-program\/"},"modified":"2024-04-05T20:42:14","modified_gmt":"2024-04-05T20:42:14","slug":"sony-bank-leverages-polygon-blockchain-for-stablecoin-pilot-program","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/sony-bank-leverages-polygon-blockchain-for-stablecoin-pilot-program\/","title":{"rendered":"Sony Bank Leverages Polygon Blockchain For Stablecoin Pilot Program"},"content":{"rendered":"

According to local media reports<\/a> in Japan, Sony Bank announced its foray into the stablecoin world, launching a trial to issue its fiat-linked digital currency. In collaboration with blockchain company SettleMint, one of the most notable aspects of the pilot program is that the trial will take place on the Polygon blockchain.<\/p>\n

<\/span>Sony Bank\u2019s Strategic Move<\/span><\/h2>\n

Sony Bank\u2019s move to explore stablecoin issuance highlights the company\u2019s strategic focus on leveraging blockchain technology and digital assets to increase its financial services offerings.\u00a0<\/p>\n

By pegging the stablecoin to traditional fiat currencies such as the Japanese yen, Sony Bank aims to reduce transaction fees and facilitate instant payments and remittances for individuals and businesses.<\/p>\n

Jun Watanabe, president and representative director of Sony Network and founder of the Web3 platform Astar Network, expressed <\/a>the company\u2019s ambitious plans, stating:\u00a0<\/p>\n

\n

Sony Bank plans to launch a stablecoin, and Sony plans to launch a blockchain with us. It is getting ready.\u00a0<\/p>\n<\/blockquote>\n

Furthermore, Watanabe emphasized <\/a>the potential of leveraging existing assets and services, rather than starting from scratch, as the most effective means of bringing billions of users into the Web3 ecosystem.\u00a0<\/p>\n

This latest development aligns with Sony\u2019s ongoing efforts to embrace blockchain technology and Web3 applications. Last year, Bitrabo reported that Sony Network Communications partnered with Japanese Web3 technology company Startale Labs to support the advancement of Startale\u2019s services and product development.\u00a0<\/p>\n

The partnership focused on developing all-in-one solutions for Web3 development and prioritizing integrating real-world assets into the decentralized ecosystem.<\/p>\n

While Polygon has refrained from making detailed statements about the partnership as of this writing, the project\u2019s reposting of the collaboration announcement on social media site X (formerly Twitter) reaffirms its support for the initiative.<\/p>\n

<\/span>Polygon\u2019s Stablecoin Market Cap Surpasses $1.5 Billion<\/span><\/h2>\n

As of the latest data <\/a>from DefiLlama, the Polygon blockchain has established a stablecoin market capitalization of $1.511 billion. Over the past week, however, there has been a slight decline of 1.44% in the market capitalization.\u00a0<\/p>\n

On the other hand, Tether\u2019s USDT stablecoin continues to dominate the stablecoin market with a commanding 52.16% market share.<\/p>\n

Token Terminal data <\/a>also reveals additional metrics highlighting Polygon\u2019s performance. The fully diluted market capitalization, representing the maximum potential value of the tokens in circulation, stands at $9.04 billion, reflecting a 13.0% decrease over the past 30 days.\u00a0<\/p>\n

<\/p>\n

Meanwhile, the circulating market capitalization, which considers the active circulation tokens, is valued at $8.93 billion, showing the same 13.0% decrease.<\/p>\n

On the trading front, Polygon\u2019s native token MATIC has seen a positive trend in token trading volume over the past 30 days. The trading volume during this period amounted to $19.66 billion, marking a notable increase of 13.1%.<\/p>\n

\"Polygon<\/p>\n

MATIC is experiencing a lack of bullish momentum, coinciding with the overall market\u2019s price correction. The cryptocurrency trades at $0.8824, representing a 3.5% price decline in the past 24 hours.\u00a0<\/p>\n

Notably, MATIC stands among the few largest cryptocurrencies that have witnessed year-to-date negative figures, with a 22.8% price decline over this period, according to CoinGecko data<\/a>.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com <\/p>\n","protected":false},"excerpt":{"rendered":"

According to local media reports in Japan, Sony Bank announced its foray into the stablecoin world, launching a trial to issue its fiat-linked digital currency. In collaboration with blockchain company SettleMint, one of the most notable aspects of the pilot program is that the trial will take place on the Polygon blockchain. Sony Bank\u2019s Strategic […]<\/p>\n","protected":false},"author":1,"featured_media":9734,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Sony Bank Leverages Polygon Blockchain For Stablecoin Pilot Program - Bitrabo","description":"According to local media reports in Japan, Sony Bank announced its foray into the stablecoin world, launching a trial to issue its fiat-linked digital currency."},"footnotes":""},"categories":[316],"tags":[921,686,3040,1126,689,3169,3168,1072],"class_list":["post-9733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bank","tag-blockchain","tag-leverages","tag-pilot","tag-polygon","tag-program","tag-sony","tag-stablecoin"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/9733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=9733"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/9733\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/9734"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=9733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=9733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=9733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}