Electronics giant Sony (SONY) is now accepting cryptocurrency stablecoin USDC (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 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’s USDT (USDT). Stablecoins are considered to be more “stable” and secure than other forms of crypto.
Trial Run
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. Circle is one of several crypto companies that’s expected to go public this year.
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 44% over the last 12 months to trade at $24.68 per share.
Is SONY Stock a Buy?
The stock of Sony Group has a consensus Strong Buy recommendation among three Wall Street analysts. That rating is based on three Buy ratings issued in the last three months. The average SONY price target of $30.50 implies 23.23% upside from current levels.
