Market Chatter: Sony Bank, JPYC Plan Yen Stablecoin for Entertainment

MT Newswires Live08:32

Sony Financial (TYO:8729) unit Sony Bank will work with fintech firm JPYC to introduce a yen-denominated stablecoin aimed at music and digital entertainment services, Nikkei reported Tuesday.

Customers will be able to acquire the token using deposits held at Sony Bank. JPYC has issued about 1 billion yen worth of its stablecoin since launching it last year, according to the report.

The bank is studying uses such as blockchain-based tipping at online events linked to Sony Group (TYO:6758) and payments for digital collectibles. Web3 unit BlockBoom will assist with implementation, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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