Sony Prepares to Launch U.S. Dollar Stablecoin

It’s not every day that one of the world’s most recognizable global brands steps directly into the stablecoin market.

According to a new report from Nikkei, Sony Bank is preparing to launch a U.S. dollar-pegged stablecoin as early as fiscal year 2026, signaling one of the strongest moves yet by a global consumer brand into regulated digital currency issuance.

Sony Bank has applied for a U.S. banking license and plans to establish a dedicated American subsidiary to oversee its stablecoin operations. The company has also partnered with U.S.-based stablecoin issuer Bastion, which suggests the stablecoin will be positioned to comply with evolving federal requirements rather than relying on offshore regulatory pathways.

A Stablecoin for Sony’s Digital Ecosystem

Millions of customers in the United States already pay for Sony’s games, digital content, and subscription services. A Sony-issued stablecoin could become the default payment method across Sony’s gaming, anime, and entertainment properties.

In theory, this would:

• Reduce reliance on credit card processors
• Lower transaction fees
• Provide instant, global settlement

A Market Entering a New Phase

Sony’s timing reflects the rapid growth of the stablecoin sector in the United States. The combined market capitalization of USDT and USDC is now roughly 260 billion dollars. That expansion has accelerated in the wake of the GENIUS Act, which is the first federal framework designed specifically to regulate fiat-backed stablecoins.

Although signed into law in July, the GENIUS Act has not yet been implemented.

Key provisions governing reserve composition, risk disclosures, affiliate relationships, and the definition of yield remain incomplete. This uncertainty has created a period of intense experimentation across the industry as banks, fintech lenders, arrangers, and crypto issuers race to understand how far they can go before the Treasury Department finalizes the guardrails.

Above all else, the most significant point of tension is yield.

The Emerging Battle Over Yield

A tokenized dollar backed by short-term Treasuries can produce returns that strongly surpass traditional savings accounts. If consumers migrate toward stablecoins as an alternative to bank deposits, regional banks could experience meaningful outflows, especially those more sensitive to customer departures than the largest institutional lenders. For this reason, banks are lobbying against any interpretation of the GENIUS Act that would allow stablecoin issuers or their affiliates to deliver yield in ways that resemble deposit-like products.

Congress attempted to address this concern by banning stablecoin issuers from paying yield directly.

However, industry observers warn that affiliate structures and credit-linked products could become loopholes if regulators do not adopt a broad view of what qualifies as yield.

For now, the regulatory landscape remains unsettled.

The Effect of Sony’s Entry

Sony’s move adds new pressure to this evolving environment.

A global consumer brand issuing a compliant U.S. stablecoin would further legitimize stablecoins and accelerate adoption across mainstream audiences. This would increase the urgency for regulators to finalize the definitions and disclosure requirements that will govern stablecoin issuers.

If successful, Sony’s dollar stablecoin could reshape how users interact with digital content, how platforms handle subscriptions, and how enterprises approach digital payments at scale.