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- Reports suggest that Sony Bank could launch its stablecoin for US customers in the early part of the 2026 fiscal year.
- This follows its recent application with the U.S. Office of the Comptroller of the Currency (OCC) to establish a national crypto bank charter.
The banking division of tech giant Sony, Sony Bank, is reported to be planning to issue a GENIUS-regulated stablecoin for its US customers in the early part of the 2026 fiscal year. According to the information disclosed by Japanese outlet Nikkei, the stablecoin would be pegged to the US Dollar (USD) at a ratio of 1:1.
The report shows that the stablecoin will be used to pay for game and anime content within its ecosystem. In a business sense, this will significantly reduce the fees paid to credit card issuers.
Sony’s Grand Entry Into the US Financial Market
In October, Sony disclosed its plans to establish a national crypto bank charter after filing an application with the U.S. Office of the Comptroller of the Currency (OCC) under its subsidiary Connectia Trust. In addition to the plan to issue a dollar-pegged stablecoin, the application also captured the intention to maintain the reserve assets backing it while providing digital asset custody and management services.
Meanwhile, the Independent Community Bankers of America (ICBA) has strongly opposed this application. According to a letter dated November 6, ICBA stated that Connectia should be subject to the “Bank Holding Company Act’s” definition of a bank.
Also, ICBA accused Connectia of attempting to use the national trust bank charter to mirror the deposit-taking business of the traditional banks. According to the letter, it plans to do this without requirements, restrictions, and compliance obligations that go with the traditional national bank charter.
With regards to its latest update, ICBA pointed out that the public portion of their application did not specify whether or not it would offer debit cards to ensure that “customers spend on demand from their stablecoin wallets”.
Sony is already gaining ground in the US as its sales accounted for about 30% of the external sales of the group in the last fiscal year. Venturing into the stablecoin market could also enable it to capitalize on the stablecoin ecosystem, which has a valuation of around $291 billion.
Currently, Sony has not yet confirmed the governance model, final design, or even the blockchain infrastructure that would host it. Meanwhile, its plan is reported to transcend the usual pilot experiment as it seems to also align with the broader stablecoin trend in Japan.
In Japan, the three largest banks, namely Mitsubishi UFJ Financial Group’s MUFG Bank, Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho, are joining hands to test the insurance and the use of stablecoin.
As detailed in an earlier post, the Japanese regulators have agreed to guide the project by providing advice on international developments in digital assets and the legal framework. Fascinatingly, Ripple is also set to roll out RLUSD stablecoin in the country through a partnership with SBI Holdings, as reported in our earlier coverage.
