Startale Group, the blockchain firm collaborating with tech conglomerate Sony on its web3 platform Soneium, has debuted a stablecoin pegged to the U.S. dollar. Dubbed Startale USD (USDSC), the token is intended to serve as the default digital dollar for payments, rewards, and other functions across the Soneium ecosystem, according to a press release issued on Wednesday. Soneium is an Ethereum layer-2 network, launched last year by Sony Block Solutions Labs, a joint venture between Sony Group and Startale. ...

Core Insights - Startale Group has launched Startale USD (USDSC), an institutional-grade dollar stablecoin, as the default settlement currency for the Soneium network, which is an Ethereum layer-2 platform [1][2] - The launch of USDSC is accompanied by a rewards program called STAR Points, incentivizing transactions through the Startale App [1][3] - The global stablecoin market is valued at over $310 billion, with predictions indicating an 88% chance that total capitalization will not exceed $360 billion before February [5] Company Developments - Startale Group's USDSC aims to provide a stable and trusted currency for users and creators on the Soneium platform, facilitating payments and yield opportunities [2] - The underlying infrastructure for USDSC is provided by the universal stablecoin platform M0, which integrates issuance, application logic, and liquidity [2] - The Startale App is currently open for a waitlist, allowing early access to USDSC features and STAR Points [3] Industry Trends - Japan's Financial Services Agency (FSA) has approved several stablecoin initiatives, including a dollar-pegged stablecoin by Circle and a yen-stablecoin pilot by major banks, indicating a growing regulatory acceptance of stablecoins in the region [4] - The stablecoin market is experiencing momentum, with various projects and partnerships emerging to enhance the infrastructure and usability of stablecoins [4]