Sony Bank, the financial arm of the Japanese conglomerate, has announced plans to issue its own U.S.-dollar-pegged stablecoin by 2026. The token is designed to be used across Sony’s entire entertainment portfolio, including PlayStation, streaming services, and anime platforms, to facilitate faster, cheaper, and borderless digital payments.
The move aims to address high credit card fees that Sony currently incurs on in-game purchases and subscription payments. The United States accounts for more than 30% of Sony Group’s global revenue, making cost reduction and improved checkout experience critical motivations.
To advance the project, Sony Bank has applied for a U.S. banking license and is establishing a local subsidiary to handle compliance and issuance. It has partnered with Bastion, a U.S.-based stablecoin infrastructure provider, to ensure regulatory adherence from launch.
However, the plan faces regulatory pushback. The Independent Community Bankers of America (ICBA) has criticized the stablecoin, noting it lacks FDIC insurance and may not meet all requirements expected of U.S. financial institutions, potentially posing risks to users.
This initiative is part of a broader global trend. Companies like Western Union plan to launch a stablecoin on Solana by 2026, and nine European banks are developing a euro-backed token under MiCA rules. The stablecoin market currently exceeds $306 billion, dominated by Tether (USDT) and Circle (USDC), which together control about $260 billion. Analysts, including Standard Chartered, predict the market could grow to $2 trillion by 2028, driven by regulatory frameworks like the U.S. Genius Act.
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