Electronics giant %SonyGroup (NYSE: $SONY) is now accepting cryptocurrency %Stablecoin (CRYPTO: $USDC) in its Singapore-based online store.
Sony said in a news release that it is now accepting the stablecoin payments in partnership with crypto exchange Crypto.com.
Headquartered in Singapore, Crypto.com won approval as a provider of Digital Payment Token services in Singapore back in June 2023, enabling it to provide crypto payments to clients.
Stablecoins are %Cryptocurrencies whose value is pegged to another asset, typically the U.S. dollar or price of gold bullion.
USDC, issued by Circle, is the second-largest dollar-backed stablecoin after %Tether (CRYPTO: $USDT).
News that Sony is accepting payments in USDC comes as Circle announced plans to hold an initial public offering (IPO) on the New York Stock Exchange (NYSE) as early as this summer.
Sony has positioned the USDC online payments in Singapore as a trial with potential plans to accept crypto payments in other jurisdictions moving forward.
The stock of Sony has risen 48% over the last 12 months to currently trade at $25.17 U.S. per share on the NYSE.
