Author: Deng Tong, Jinse Finance

On December 2, 2025, according to Nikkei, video game and technology giant Sony plans to issue a dollar-denominated stablecoin next year for purchasing games and anime within its digital ecosystem.

Japan also has a relevant stablecoin regulatory framework, but why did Sony choose the United States instead of Japan to issue a stablecoin?

1. Where is Sony's stablecoin issued?

The U.S. is a viable option due to the passage of the GENIUS Act earlier this year. Previously, Sony's banking arm, Sony Bank, filed an application in October seeking a U.S. national banking license. This license would allow its subsidiary's trust bank to engage in "certain specific activities involving cryptocurrencies."

According to an October report, the bank will operate in the United States as a trust company and offer cryptocurrency services, including issuing dollar-backed stablecoins, holding digital assets for clients, and managing assets for affiliated companies.

The target customers for this stablecoin are U.S. customers, who account for approximately 30% of Sony Group's overseas sales. The stablecoin is designed to work with existing payment methods such as credit cards and help reduce transaction fees paid to card organizations.

Currently, when a player purchases a $60 game on PlayStation (PlayStation is owned by Sony Interactive Entertainment), Sony has to pay a transaction fee to the credit card company. Using Sony's own stablecoin, these fees will be eliminated. The savings could allow players to enjoy lower prices or generate higher profits for Sony.

For PlayStation users, these changes will initially have little impact. Stablecoins will operate alongside existing payment methods, rather than completely replacing them. Players may notice a slight price decrease or faster transaction processing, but the basic purchasing experience will remain unchanged.

Over time, Sony may develop more advanced features. For example, rewarding players with stablecoins for completing games, or automatically converting traditional currency to digital currency when making purchases. The company may also create a cross-platform loyalty program covering games, movies, and music services.

Sony Bank has partnered with stablecoin company Bastion, which will provide infrastructure for Sony's stablecoin. Bastion is backed by major cryptocurrency exchange Coinbase. Sony's investment arm also participated in Bastion's $14.6 million funding round, indicating that the collaboration extends beyond technical support.

II. Why choose a US dollar stablecoin?

From a business structure perspective, Sony's core digital businesses, such as games and animation, are highly dependent on the US dollar market. In addition to the United States, key markets such as Europe and Southeast Asia also use the US dollar as the mainstream settlement currency. Issuing a US dollar stablecoin can meet business needs to the greatest extent and avoid the cross-border exchange costs brought by Japanese yen stablecoins.

In terms of the regulatory environment, the U.S. Stablecoin Act clearly stipulates that reserve assets must be cash or short-term government bonds, and issuers must be licensed to operate, with clear regulatory standards. Although Japan revised its Payment Services Act in 2023 to allow the issuance of stablecoins, it mandates that they be pegged to the yen and has limited application scenarios, making them far less flexible than the U.S. market.

Specifically, under the Stablecoin Act's regulatory framework, stablecoins must be 100% backed by cash or short-term U.S. Treasury bonds; only "qualified institutions" such as banks and non-bank payment institutions with federal or state licenses can issue them; and there is no restriction that stablecoins must be pegged to the U.S. dollar.

While the Payment Services Act (PSA) made Japan one of the first countries in the world to clearly define a legal framework for stablecoins, it has its own regulatory logic. Japanese law requires stablecoins to be pegged 1:1 to the Japanese yen and issued only by a very small number of entities such as banks, money transfer institutions, and trust companies. Japanese regulators believe that stablecoins should be primarily used for small-amount payments, settlements, and regulated financial services within Japan, and discourage DeFi, cross-border payments, crypto trading, and global circulation.

Therefore, under Japan's stablecoin regulations, the uses of stablecoins are more conservative and not suitable for giant companies like Sony. In contrast, US dollar stablecoins have a wider range of participants and more usage scenarios, which is why Sony would favor them.

III. Opposition Arises

Sony's plan has met with strong opposition from traditional banks. The Independent Community Bankers Association (ICBA) has formally filed a complaint with federal regulators, requesting that Sony's application be rejected.

The banking group believes that Sony's stablecoin is similar to a bank deposit, but without having to comply with the same rules. Traditional banks must purchase federal insurance and invest in local communities. Sony's digital currency, however, bypasses these requirements and directly competes with banking services.

The ICBA also expressed concern about the consequences should Sony's cryptocurrency business fail. Since 1933, federal regulators have never shut down an uninsured national bank. Dealing with the collapse of a cryptocurrency company involves numerous technical challenges and could result in customers being unable to recover their funds.

The regulatory review process could take 12 to 18 months. Public opposition from banking groups could further prolong this process.

IV. Conclusion

The stablecoin market is expanding rapidly, and Sony's first-mover advantage gives it a favorable position in shaping digital payment methods in the gaming sector. Whether other giants will follow suit may depend on Sony's ability to successfully navigate regulatory approval processes and gain consumer acceptance by 2026.

Appendix: Sony's other explorations in the blockchain field

In 2021, Sony Music participated in a $30 million Series A funding round for the NFT marketplace MakersPlace, marking the beginning of its early exploration of the application of NFT technology in the music industry.

In April 2022, Sony subsidiary Sun Asterisk, a network communications and software development company, established a joint venture NFT business in Singapore, with Sony holding a 70% stake. The business covers various support services including NFT distribution and game development. That same year, Sony officially launched its NFT platform, SNFT; Sony Music partnered with the Solana ecosystem NFT platform Snowcrash to release a series of NFTs featuring artists such as Bob Dylan, and also filed NFT-related trademark applications for the Columbia Records logo.

In August 2023, Quetta Web, a wholly-owned subsidiary of Sony Group, acquired Amber Japan, which operates the cryptocurrency trading service platform WhaleFin, laying the foundation for its subsequent expansion into the cryptocurrency business. In September, Sony invested $3.5 million in blockchain technology company Startale Labs, and the two companies jointly established a joint venture subsidiary to focus on blockchain technology research and development and advance the early development of the core blockchain network.

In March 2024, Sony Bank announced plans to release its NFT management application, "Sony Bank CONNECT," in the summer. This application would connect to the NFT platform SNFT, providing users with NFT-related privileges and access services. In April, Sony Bank conducted a proof-of-concept trial of a stablecoin pegged to fiat currency on the Polygon blockchain, assessing related legal issues and application feasibility. On July 1st, Amber Japan, previously acquired, was officially renamed S.BLOX, serving as Sony's cryptocurrency exchange and acting as a bridge between traditional assets and Web3 assets. In September, Sony officially launched the testnet "Soneium Minato" for its public blockchain, Soneium, and simultaneously launched the "Soneium Spark" incubation project. Samsung's venture capital fund, Samsung Next, announced an investment in Startale Labs and participation in the incubation program, forming a collaborative landscape among Japanese and South Korean tech giants in the blockchain arena. Furthermore, the company responsible for Sony's blockchain business was officially renamed Sony Blockchain Solutions Labs.

In January 2025, Sony launched the Soneium mainnet, an Ethereum Layer 2 blockchain network, through its Sony Blockchain Solutions Lab. The mainnet continues the technical specifications of the testnet and supports seamless application migration and real-world encrypted asset payments. On the day of its launch, Sony banned several Meme coin projects on the grounds of "intellectual property protection".

Sony's various business lines are deeply collaborating with Soneium. Sony Pictures Entertainment provides exclusive access to content purchased on specific platforms, Sony Music Entertainment (France) issues limited-edition NFTs, and Sony Music Publishing (Japan) launches an NFT event linked to girl group performances. At the same time, Sony is deepening its cooperation with Astar Network, leveraging its technology and operational experience to promote the expansion of the Web3 ecosystem, and the ASTR token has become a core asset of Soneium.

Sony fans had hoped Soneium would attract a large number of PlayStation games. However, to date, no major Sony game franchise has released a crypto game on Soneium. It has, however, evolved into a network with a collection of NFT music and a growing library of smaller games, and it also previously collaborated with Square Enix's now-defunct crypto game, Symbiogenesis.

欧盟反洗钱法案的新修正案强调NFT平台或提供与NFT相关服务的公司受到该法规的约束

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