NEW YORK–Sony Bank is planning to issue a U.S. dollar-pegged stablecoin in the United States as early as 2026, according to a new report.
The bank subsidiary of Sony Financial Group is reportedly looking to establish a U.S.-based unit to operate the stablecoin business. It has already applied for a U.S. banking license in October, reported Nikkei, adding that Sony Bank also partnered with U.S.-based stablecoin issuer Bastion, and will use Bastion’s infrastructure for the project.
Paying for Video Games
“Sony envisions the stablecoin being used by U.S. customers to pay for video games, anime, subscriptions and other content within its ecosystem, replacing or supplementing credit-card payments and reducing associated transaction fees, according to Nikkei.
In its reporting, The Block said effort may tie in Sony’s U.S. sales, which reportedly accounted for over 30% of the group’s external sales in the last fiscal year, with the growing U.S. dollar stablecoin market that has reached a total capitalization of over $291 billion.
“In January, the group’s Sony Block Solutions Labs launched its Ethereum Layer 2 Soneium on the mainnet, with a goal of becoming the main blockchain ecosystem for content creators, fans and communities,” The Block added.
