Sony has announced the upcoming launch of Soneium, an Ethereum layer-2 solution that will include the development of a stablecoin pegged to the Japanese yen. The blockchain, currently in the testnet phase called "Minato," aims to integrate developers, creators, and end users in the Web3 sector. The launch of a Japanese stablecoin could stimulate interest from other web3 providers in the yen market, which is currently dominated by the US dollar. The mainnet for Soneium is expected to be introduced in Q1 2025. Sony has partnered with Astar Network, Chainlink, Alchemy, Circle, and The Graph for the project. The precise launch date and details of a potential crypto airdrop have not been announced. However, Sony's subsidiary, Sony Bank, is reportedly exploring the development of a stablecoin pegged to the yen. The introduction of a yen-based stablecoin will require regulatory approval and is seen as crucial for Sony's fintech development efforts in Japan. The stablecoin market on Ethereum is currently dominated by the US dollar, with the yen having limited representation. However, there is growing interest in Japan for a yen stablecoin, and Sony's entry into the market may prompt other companies to follow suit.



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