He added that the long-term vision is for Japan to stand as a global leader in blockchain. Just as the country exported manufacturing and culture, Startale aims to export blockchain infrastructure. To achieve this, the firm is building a team that blends engineering expertise with business development and partnerships.“We believe that the next iteration of the internet will be built on blockchains. I want to see Japan take a lead on that. That’s the reason we founded Startale. We aimed to show Japan can dev ...

Core Insights - Sony Bank's subsidiary, Connectia Trust, has applied for a national trust bank charter to enhance its blockchain technology initiatives and enter the regulated cryptocurrency market [1][5] - The proposed services include issuing stablecoins pegged to the U.S. dollar, backed by cash and short-term U.S. Treasury securities, aimed at providing stability and reliability in the crypto sector [2][3] - Connectia Trust plans to offer non-fiduciary custody solutions for digital assets, initially focusing on affiliated entities within the Sony ecosystem, with potential expansion to external partners [4][5] Regulatory Context - The application aligns with the GENIUS Act, which establishes guidelines for stablecoin creation and mandates full collateralization, encouraging fintech companies to seek similar charters [5][6] - The global stablecoin market exceeds $300 billion, with Connectia Trust aiming to capture a portion of this market, which could potentially draw up to $1 trillion from traditional banking by 2028 [6][8] Strategic Positioning - Sony's entry into the crypto space reflects a broader trend of tech companies becoming active participants in crypto infrastructure rather than passive observers [6][7] - The initiative builds on Sony's previous blockchain projects, such as the collaboration with Startale Labs for Soneium, which could facilitate in-game economies using stablecoins [7][8] Challenges and Compliance - Connectia Trust faces significant compliance hurdles, including anti-money laundering protocols and cybersecurity audits, with the need for stringent reserve management to maintain user confidence [8][9] - The approval from the Office of the Comptroller of the Currency (OCC) is uncertain, as Anchorage Digital remains the only fully endorsed de novo crypto bank following regulatory challenges [8][9]

Core Insights - Sony has officially embraced Soneium, marking a significant step towards mass adoption of Web3 in Japan [1] - Startale is playing a crucial role in this movement, ensuring that the developments are not just superficial [2] - Soneium will operate as an Optimistic Rollup on Astar, providing high speed, scalability, and low transaction costs for games and entertainment applications [2][4] Market Potential - PlayStation has over 120 million active monthly users, and if 5% engage with Soneium, it could inject billions into Web3 annually [5] - Japan's payment market is valued at over $7 trillion annually, with a potential $70 billion yearly flow on blockchain if just 1% transitions to stablecoins [5] - Early user estimates for Soneium range from 1 to 2 million, with projected annual transactions of approximately 50 million and a total value locked (TVL) of $500 million [5] Strategic Collaborations - Key partnerships include Sony developing the Soneum blockchain, MUFG creating a legal Japanese stablecoin, and collaborations with MetaMask and ConsenSys for wallet access [5][6] - Astar Network is building the smart contract infrastructure and integrating with Polkadot, positioning itself as Japan's smart contract hub [6] Future Outlook - If the collaboration between Sony, Startale, Astar, and stablecoin projects succeeds, Japan could emerge as the main Web3 hub in Asia within five years [6] - Long-term projections suggest that user numbers could exceed 50 million, with annual transactions surpassing 1 billion and a TVL exceeding $10 billion [7]

Sony's Soneium rolls out scoring system to track and incentivize user activity on its blockchain https://t.co/D8JHTC761c ...