The bank, a subsidiary of electronics giant Sony, has enlisted Bastion, a financial institution for regulated stablecoin services, to help it roll out the offering next year.
Bastion will be the sole issuance provider and be responsible for reserve management and custody.
Sony plans to use the stablecoin to offer customers in-app digital currency payments for streaming and commerce in the entertainment sector, covering things like games, anime, movies and music. The firm is one of the largest video games players in the world, via its PlayStation Store, and also owns anime streaming platform Crunchyroll.
The token could also be used for Sony Group’s treasury operations and inter-company settlement, says Bastion.
“We are truly delighted to see our Sony Innovation Fund portfolio company Bastion named as Sony Bank’s strategic provider as the company expands into digital assets. Together they will bring stablecoins to the mass market and set the tone for enterprise adoption of digital assets,” says Kazuhito Hadano, CEO, Sony Ventures Corporation.
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