According to TechFlow, Sony Bank, the banking arm of Japanese gaming and entertainment group Sony, has begun a proof-of-concept on Polygon to issue its own stablecoin pegged to fiat currency to explore the use of stablecoins to promote the company's intellectual property in gaming and sports.

Sony’s stablecoin experiment will assess any legal issues associated with transferring yen-backed stablecoins and is expected to last for several months, according to Nikkei. The development will be entrusted to Belgium-based blockchain company SettleMint.