Startale Group, a blockchain company that has partnered with technology group Sony to develop its web3 platform Soneium, has launched a stablecoin pegged to the U.S. dollar.
The token, called Startale USD (USDSC), is designed to serve as the default digital dollar for payments, rewards and other functions in 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.
The move comes as Japan moves further into the digital currency trend with stablecoins, a $300 billion group of fiat-linked cryptocurrencies increasingly viewed as a payment alternative. Regulators have approved yen stablecoin pilot projects for major banks including MUFG, SMBC and Mizuho. Meanwhile, Sony Bank, which was spun off from the tech company earlier this year, reportedly plans to issue its own stablecoin next year.
USDSC is built on the infrastructure of M0, a startup developing a modular platform for programmable stablecoins. M0 has previously partnered with MetaMask and Stripe on other stablecoin projects.
In addition to the new token, Startale has launched a STAR Points reward system that incentivizes users to mint or hold USDSC, complete in-app tasks, or interact with decentralized applications through the Startale App, the mobile hub of the Soneium ecosystem.
“Our goal is to make Web3 tools as familiar as mainstream applications,” said Startale CEO Sota Watanabe. “It powers payments, rewards and everyday transactions,” he said in a statement.
The launch of the stablecoin follows Startale’s earlier announcement to partner with SBI Holdings to build a 24/7 digital asset exchange for tokenized assets, as part of a broader move to capture a share of the tokenized market expected to be nearly $19 trillion by 2033.