Sony Bank and JPYC sign MOU to cooperate on a stablecoin linked to entertainment payments

Japan’s yen-denominated stablecoin JPYC will be linked with Sony Bank accounts. A framework is being pursued to combine banking infrastructure with stablecoins and expand into the entertainment payments space.

According to Japanese outlet NADA News on the 2nd, JPYC signed a strategic memorandum of understanding (MOU) with Sony Bank to utilize the yen-based stablecoin “JPYC.” Sony Bank’s Web3 subsidiary BlockBloom also joined the agreement.

The two sides are reviewing the introduction of practical services that connect bank-account infrastructure with stablecoins. Specifically, they are discussing adding a real-time account-transfer function to the platform “JPYC EX,” operated by JPYC.

If the feature is introduced, users will be able to purchase JPYC directly from their Sony Bank accounts without a separate remittance process. This is seen as a measure to improve stablecoin accessibility and payment convenience.

The two sides are also exploring linkage with entertainment intellectual property (IP) such as music and games. The plan is to build a new user experience that combines payments and participation, including digital content purchases and providing benefits for fans.

Sony Bank previously emphasized the importance of building “Web3 financial infrastructure” that combines stablecoins, security tokens, and non-fungible tokens (NFTs), when it announced the establishment of BlockBloom last summer. The strategy is to pursue infrastructure upgrades in parallel with creating real-world use cases.