In response 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, probably essentially the most notable facets of the pilot program is that the trial will occur on the Polygon blockchain.
Sony Bank’s Strategic Move
Sony Bank’s move to explore stablecoin issuance highlights the company’s strategic cope with leveraging blockchain technology and digital assets to increase its financial services offerings.
By pegging the stablecoin to traditional fiat currencies much like the Japanese yen, Sony Bank goals to reduce transaction fees and facilitate easy payments and remittances for people and businesses.
Jun Watanabe, president and representative director of Sony Network and founding father of the Web3 platform Astar Network, expressed the company’s ambitious plans, stating:
Sony Bank plans to launch a stablecoin, and Sony plans to launch a blockchain with us. It’s preparing.
Furthermore, Watanabe emphasized the potential of leveraging existing assets and services, relatively than starting from scratch, as probably essentially the most effective strategy of bringing billions of users into the Web3 ecosystem.
This latest development aligns with Sony’s ongoing efforts to embrace blockchain technology and Web3 applications. Last yr, Bitcoinist reported that Sony Network Communications partnered with Japanese Web3 technology company Startale Labs to support the advancement of Startale’s services and product development.
The partnership focused on developing all-in-one solutions for Web3 development and prioritizing integrating real-world assets into the decentralized ecosystem.
While Polygon has refrained from making detailed statements regarding the partnership as of this writing, the project’s reposting of the collaboration announcement on social media site X (formerly Twitter) reaffirms its support for the initiative.
Polygon’s Stablecoin Market Cap Surpasses $1.5 Billion
As of essentially the most recent data from DefiLlama, the Polygon blockchain has established a stablecoin market capitalization of $1.511 billion. Over the past week, nonetheless, there was a slight decline of 1.44% available available in the market capitalization.
However, Tether’s USDT stablecoin continues to dominate the stablecoin market with a commanding 52.16% market share.
Token Terminal data also reveals additional metrics highlighting Polygon’s performance. The fully diluted market capitalization, representing the utmost potential value of the tokens in circulation, stands at $9.04 billion, reflecting a 13.0% decrease over the past 30 days.
Meanwhile, the circulating market capitalization, which considers the energetic circulation tokens, is valued at $8.93 billion, showing the similar 13.0% decrease.
On the trading front, Polygon’s native token MATIC has seen a positive trend in token trading volume over the past 30 days. The trading volume during this era amounted to $19.66 billion, marking a notable increase of 13.1%.
MATIC is experiencing an absence of bullish momentum, coinciding with the overall market’s price correction. The cryptocurrency trades at $0.8824, representing a 3.5% price decline thus far 24 hours.
Notably, MATIC stands amongst the numerous few largest cryptocurrencies which have witnessed year-to-date negative figures, with a 22.8% price decline over this era, based on CoinGecko data.
Featured image from Shutterstock, chart from TradingView.com