Key facts:
Soneium is an Ethereum layer 2 network launched by tech giant Sony Group.
Sony Bank is reportedly evaluating Japan’s legal conditions for allowing the use of the digital yen.
Soneium, Ethereum’s second layer (L2) network, will launch a stablecoin linked to the Japanese yen together with Sony Bankone of the largest online banks in that country, founded in 2001.
This information, revealed by unofficial sources, was published by the developer of digital platforms “JC” (that is what he calls himself in X).
The statement, which also mentions Startale, the company involved in the development of Soneium alongside Sony, highlights that the project is at an experimental stage.
“Sony Bank, a financial subsidiary of Sony Group Corporation, one of Japan’s leading financial and technology giants, has announced that it is launching experiments to develop a stablecoin pegged to fiat currencies. It is specifically working on a stablecoin backed by the Japanese yen.”
Post by developer JC on X.
For its part, Sony Bank, a financial subsidiary of Sony Group Corporation, would be evaluating whether the transactions of stablecoins comply with current regulatory laws in Japan. This procedure implies that the pilot project will continue under this testing and analysis framework for the next few months.
The goal of this stablecoin is to allow individuals to transfer money and make payments through the digital yen with lower transaction costs than current solutions.
This initiative would also add a new option for Japanese savers to do so using the equivalent of their currency, but in digital format. It could also facilitate the use of the digital yen in the banking sector.
What is Soneium and what was this network designed for?
Sony’s unveiling of the Soneium network took place on August 23, 2024, an event that was also reported by CriptoNoticias. It is an Ethereum L2 focused on improving the scalability and efficiency of the Ethereum (ETH) mainnet.
This blockchain, created by Sony Block Solutions Labs, the company’s division dedicated to the development of technologies on-chain, aims to be an innovative solution for the future of Web3Additionally, its purpose is to promote easy access to distributed ledger technology and drive widespread adoption of Web3 in fintech, entertainment and other industries.
The Soneium blockchain is currently in a test phase or testnetThis phase, dubbed “Minato,” is important for developers to test and optimize network performance before its official launch.
This testing period is designed to ensure that the network is fully ready for the public, although a specific date for the launch of the network has not been announced. mainnet (main network).
Finally, the company communicated which will keep its Soneium Park program open until September 30, 2024, where developers can present their projects based on this blockchain.
