Shortly
- Playtron is set to launch on Sui a stablecoin centered around gaming later this year.
- This token can be used with the SuiPlay0X1 device.
Playtron is a new gaming company that announced its plans on stage at Sui Basecamp, in Dubai. It will launch a Sui stablecoin that’s specifically made for games.
The Game Dollar is set to be launched in the fourth quarter of this year. It will allow users to make purchases, pay for subscriptions and receive rewards on all platforms within the Playtron GameOS eco-system, including the new SuiPlay0X1 portable console. Playtron says that its stablecoin is backed by U.S. Treasury short-term bonds, as determined by M0. The platform behind this token.
Stablecoins are crypto tokens that have been pegged to an asset. This is usually fiat currency, such as the U.S. Dollar. Traders use stablecoins to lock in profits or as a way to make payments that are less volatile.
According to CoinGecko it is now worth $241 Billion, with USDC and USDT from Circle both ranking in the top 10 cryptos by market cap. Then why not simply use one of the stablecoins that are already available?
Playtron’s CEO Kirt M. McMaster said: “We think stablecoins are best programmed on a use-case basis.” DecryptExplaining that this is not possible with any of the existing tokens. “Game Dollar opens up new models of economics for marketplaces and developers, as well as enabling incentives to consumers that can only be achieved via programmable money.”
The Game Dollar is designed to be a custom fit for the Playtron Ecosystem in order to “deepen” the experience. [its] Relationship” with their users, by rewarding and monetizing specific behaviors.
McMaster explained: “The gaming platform may use this capital in order to encourage certain behaviors, reward customers, or attract new kinds of customers.”
Playtron likened the Game Dollar with a Starbucks wallet, which gives users points when they buy coffee. These points can be redeemed for rewards. The Game Dollar, he said, can be set up to allow only certain transactions.
McMaster stated that “This is different than the stablecoins which are more widely understood and do not have the capability to encourage niche uses cases on a large scale.”
The Playtron GameOS will use the stablecoin to run classic Steam games or play crypto games in Playtron Store.
The soon-to-launch SuiPlay0X1 handheld device—which will ship this summer—will use this operating system. Game Dollars can be spent in Playtron’s Playtron Select store. There are also plans to introduce incentives later.
McMaster said that “GameDollar is native to Playtron, and will be used on our marketplace.” DecryptThe intention of Playtron is to integrate other gaming marketplaces and use Game Dollar as a payment method both in GameOS as well as their external stores.
Andrew Hayward edited the book
