- Sony Bank plans to issue a US dollar-pegged stablecoin in the US as early as fiscal 2026, aiming to use it for payments within games, anime, and other digital content.
- The online lender, part of Sony Financial Group, has applied for a U.S. banking license to set up a local subsidiary for issuance and operations.
- This move aligns with Sony’s broader push into blockchain, following the launch of its Ethereum Layer 2 network, Soneium, earlier in the year.
Sony Bank plans to issue a US dollar-pegged stablecoin in the United States as early as fiscal 2026, aiming to use it for payments in games, anime and other digital content, according to a report from the Nikkei.
The online lender, part of Sony Financial Group, is looking to replace or supplement card payments with stablecoin transactions, betting that lower fees will make the product attractive to users and merchants. Sony Bank applied for a US banking license in October and intends to set up a local subsidiary to handle issuance and operations.
The effort also aligns with Sony’s broader push into blockchain. In January, Sony Block Solutions Labs launched Soneium, an Ethereum Layer 2 network, with the stated aim of building an ecosystem for creators, fans and communities.
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Domestic Stablecoins
The move comes after the US enacted the GENIUS Act in July, creating a regulatory framework for issuing and using US dollar-backed stablecoins. The country’s dollar stablecoin market has grown to more than US$291 billion (AU$445.23 billion) in capitalisation, making it a key target for new entrants tied to large brands.
Now that we’re on the stablecoin matter, it should be noted Tether recently fired back against the S&P Global downgraded rating for USDT, which reached 5, its lowest score, citing exposure to higher-risk assets in reserves and “limited details in disclosure”.
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Other countries are seeking to develop and fully integrate a domestic stablecoin. Japan, for instance, is trying to build its own yen-pegged stablecoin market. Regulators have approved JPYC as the first local yen stablecoin issuer and are backing a joint project involving three major domestic banks.
South Korea also launched KRW1, fully backed by the South Korean won and issued on the Avalanche blockchain.
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