Sony Bank is planning to launch its own U.S.-dollar-pegged stablecoin by 2026. The token will be used across Sony’s entire entertainment ecosystem, including PlayStation, streaming services, and anime platforms, to offer faster, cheaper, and borderless digital payments.
Currently, Sony relies heavily on credit-card networks, which impose high fees on in-game purchases and subscription payments. Given that the U.S. accounts for more than 30% of Sony’s global revenue, a stablecoin could significantly help the company cut costs and provide users with a smoother checkout experience.
To facilitate this initiative, Sony Bank has applied for a U.S. banking license and is establishing a local branch to manage compliance and stablecoin issuance. The company has also entered into a partnership with Bastion, a U.S.-based stablecoin infrastructure provider, to ensure adherence to regulatory standards from the outset.
Regulatory Pushback and Consumer Protection Concerns
Sony’s stablecoin plans have already encountered criticism. The Independent Community Bankers of America (ICBA) has raised concerns, stating that while the stablecoin functions similarly to a bank deposit, it lacks FDIC insurance. This absence of insurance could potentially place users at risk in the event of financial difficulties at Sony Bank.
Regulators are also scrutinizing whether Sony Bank’s existing trust-charter structure is legally equipped to support a product that operates like a checking account. The ICBA contends that Sony has not yet fulfilled all the prerequisites expected of U.S. financial institutions, suggesting a potential conflict as the planned launch date approaches.
A Rapidly Growing Global Stablecoin Trend
Sony’s strategic move into the stablecoin market occurs amidst a broader trend of global companies entering this space. Western Union, for instance, intends to introduce its USDPT token on Solana by 2026. Concurrently, nine European banks are collaborating on a euro-backed stablecoin under the forthcoming MiCA regulations. Wyoming has already pioneered its own state-issued token, FRNT, which is available on multiple blockchains.
The stablecoin market has experienced substantial growth, now exceeding $306 billion, with Tether and Circle collectively dominating $260 billion of this market. Standard Chartered has projected that by 2028, more than $1 trillion could transition from emerging-market banks into stablecoins.
Frequently Asked Questions
Sony is creating its own stablecoin to reduce the high credit card fees associated with in-game purchases and subscriptions, particularly from the U.S. market which represents over 30% of its revenue. The aim is also to offer users a smoother, borderless checkout experience.
The stablecoin is expected to provide users with faster transactions, lower fees compared to traditional credit cards, and a more seamless checkout process across Sony’s diverse entertainment ecosystem.
Yes, Sony’s move is part of a significant global trend. The stablecoin market is currently valued at over $306 billion, with major companies like Western Union and groups of European banks actively developing their own stablecoin offerings. This indicates a widespread corporate shift towards embracing digital currencies.