Introduction of Startale USD and STAR Points
Startale Group has launched a dollar-pegged stablecoin named Startale USD on Sony's Ethereum layer-2 network, Soneium. This new stablecoin, abbreviated as USDSC, is intended to function as the primary settlement currency for payments and rewards within Sony's blockchain ecosystem.
The launch of USDSC coincided with the introduction of STAR Points, a rewards program. This program is designed to incentivize users for various actions, including minting or holding the stablecoin, providing liquidity on Uniswap, and interacting with decentralized applications through the Startale App. Sota Watanabe, CEO of Startale, expressed the company's objective of making Web3 tools as user-friendly and familiar as mainstream applications.
Technical Foundation and Infrastructure
The USDSC stablecoin is built upon the infrastructure provided by M0, a startup specializing in the development of modular platforms for programmable stablecoins. M0 has previously engaged in collaborations with prominent companies like MetaMask and Stripe for other projects. The underlying system integrates issuance, application logic, and liquidity into a unified programmable framework, as detailed in the official announcement.
Soneium Network Performance and Development
Soneium officially commenced operations in January, following a four-month testing phase that attracted over 14 million users and facilitated the processing of 50 million transactions. The network was developed by Sony Block Solutions Labs, a joint venture established last year between Sony Group and Startale.
Japan's Advancing Digital Currency Landscape
The introduction of the USDSC stablecoin occurs as Japan continues to make progress in the adoption of digital money. Regulators in Japan have already granted approval for pilot projects involving yen-based stablecoins, spearheaded by major banking institutions such as MUFG, SMBC, and Mizuho. The Financial Services Agency of Japan sanctioned JPYC as the nation's first fully regulated yen-backed stablecoin. Furthermore, Ripple and SBI Holdings are preparing to introduce the RLUSD stablecoin early next year through their subsidiary, SBI VC Trade.
In March, Circle obtained Japan's initial approval for a dollar-pegged stablecoin, USDC, marking a significant development for international cryptocurrency firms operating within the Japanese market. Sony Bank, which was established as a separate entity from the technology firm earlier this year, reportedly intends to issue its own stablecoin next year. This stablecoin is planned for use in purchasing games and anime within its digital ecosystem.
The banking division of Sony filed for a U.S. national banking charter in October. This move would enable its subsidiary, Connectia Trust, to engage in cryptocurrency-related activities. Sony Bank has also formed a partnership with the stablecoin firm Bastion. Bastion will provide stablecoin services to Sony affiliates and manage aspects such as issuance, reserve management, and custody on a large scale.
Strategic Collaborations and Future Outlook
Previously, Startale announced a collaboration with SBI Holdings with the objective of establishing a 24/7 digital asset exchange for tokenized assets. This initiative is part of a broader strategy aimed at capturing a share of the tokenization market, which is projected to reach nearly $19 trillion by 2033. Individuals interested in accessing the features of USDSC and the STAR Points program can now register for early access through the Startale App waitlist.