Sony Bank is working with stablecoin issuer JPYC to develop a system that allows customers to buy JPYC instantly directly from their bank accounts, Cointelegraph reported on Sunday.
The collaboration comes as stablecoin issuance has been formalised under Japan's revised Payment Services Act (PSA). It is expected to become the first case of directly linking to bank accounts without going through existing cryptocurrency exchanges.
Sony Bank's Web3-focused subsidiary BlockBloom will lead the system design. The system will allow customers to buy JPYC immediately without the existing hassle of bank transfers. JPYC is backed 1:1 by bank deposits and Japanese government bonds, and transactions will be made through the JPYC EX platform. A schedule for launching the real-time transfer function has not been disclosed.
Sony Bank and JPYC are also considering ways to use stablecoins for purchases of entertainment content such as music and games. JPYC recently raised 1.78 billion yen, or about $12 million, in a Series B round and is stepping up system development and ecosystem expansion.
Chi-gyu Hwang
delight@d-today.co.kr