Why did Sony choose to issue a USD stablecoin and abandon a JPY stablecoin?

Author: Deng Tong, Jinse Finance

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

Japan also has a regulatory framework for stablecoins, but why did Sony choose not to issue a stablecoin in Japan and instead opt for the United States?

1. Where will Sony’s stablecoin be issued?

Since the US passed the GENIUS Act earlier this year, the United States is a great option. Previously, Sony’s banking division, Sony Bank, submitted an application in October seeking a US national banking license. This license would allow its subsidiary trust bank to engage in “certain specific activities involving cryptocurrencies.”

According to reports in October, this bank will operate as a trust company in the US and offer crypto services, including issuing USD-backed stablecoins, holding digital assets for customers, and managing assets for affiliated companies.

The target customers for this stablecoin are US customers, who account for about 30% of Sony Group’s overseas sales. The stablecoin is intended to be used alongside existing payment methods such as credit cards and will help reduce transaction fees paid to card organizations.

Currently, when a player buys a $60 game on PlayStation (which belongs to Sony Interactive Entertainment), Sony has to pay transaction fees to credit card companies. By using Sony’s own stablecoin, these fees would be eliminated. The savings could allow players to enjoy lower prices or bring higher profits to Sony.

For PlayStation users, these changes will initially have little impact. The stablecoin will operate in parallel with existing payment options rather than completely replacing them. Players may notice slightly lower prices or faster transaction processing, but the basic purchase experience remains unchanged.

Over time, Sony may develop more advanced features. For example, players could earn stablecoin rewards for completing games, or have traditional currency automatically converted to digital currency during purchases. The company might also create cross-platform loyalty programs covering games, movies, and music services.

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

2. Why choose a USD stablecoin?

From a business structure perspective, Sony’s core digital businesses such as gaming and anime are highly dependent on USD markets. Aside from the US, key markets in Europe and Southeast Asia also use USD as the main settlement currency. Issuing a USD stablecoin maximizes business needs and avoids cross-border currency exchange costs that a yen stablecoin would entail.

From a regulatory standpoint, the US Stablecoin Act clearly stipulates that reserve assets must be cash or short-term government bonds, and issuers must be licensed operators, with clear regulatory standards. In contrast, while Japan revised the Payment Services Act in 2023 to allow stablecoins, it requires them to be strictly pegged to the yen and limits their use cases, making it far less flexible than the US market.

Specifically, under the US Stablecoin Act regulatory framework, stablecoins must be 100% backed by cash or short-term US Treasury bonds; only “qualified institutions” such as banks or federally or state-licensed non-bank payment institutions can issue them; and there is no requirement that stablecoins must be pegged to the US dollar.

While the Payment Services Act made Japan one of the first countries in the world to clarify a legal framework for stablecoins, it has its own regulatory logic. Japanese law requires stablecoins to be pegged 1:1 to the yen and be issued only by a very limited set of entities such as banks, money transfer agencies, and trust companies. Japanese regulators believe stablecoins should primarily be used for domestic small payments, settlements, and regulated financial services, and do not encourage use in DeFi, cross-border payments, crypto trading, or global circulation.

Therefore, under Japan’s stablecoin regulatory rules, stablecoin use is more conservative and not suitable for giant enterprises like Sony. USD stablecoins have broader participation and more use cases, making them more attractive to Sony.

3. Opposition arises

Sony’s plan has faced strong opposition from traditional banks. The Independent Community Bankers of America (ICBA) has formally filed a complaint with federal regulators, requesting that Sony’s application be denied.

The banking group argues that Sony’s stablecoin is similar to bank deposits but does not have to comply with the same rules. Traditional banks must purchase federal insurance and invest in local communities. Sony’s digital currency bypasses these requirements and competes directly with banking services.

The ICBA also expressed concern about the consequences if Sony’s crypto business fails. Since 1933, federal regulators have never closed an uninsured national bank. Dealing with the collapse of a crypto company involves many 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 may further extend this timeline.

4. Conclusion

The stablecoin market continues to expand, and Sony’s first-mover advantage positions it well to shape digital payment methods in the gaming sector. Whether other giants will follow suit may depend on whether Sony can successfully pass regulatory approval and gain consumer acceptance by 2026.

Appendix: Sony’s other explorations in blockchain

In 2021, Sony Music participated in a $30 million Series A financing round for NFT marketplace MakersPlace, marking its early exploration of NFT technology applications in music.

In April 2022, Sony subsidiary Sony Network Communications and software development company Sun Asterisk established a joint NFT business venture in Singapore, with Sony holding a 70% stake. The business covers NFT issuance, game development, and various support services. That same year, Sony officially launched the NFT platform SNFT; Sony Music partnered with Solana ecosystem NFT platform Snowcrash to issue a series of NFTs for artists such as Bob Dylan and applied for trademarks related to NFT for Columbia Records’ logo.

In August 2023, Sony Group’s wholly owned subsidiary Quetta Web acquired Amber Japan, the operator of crypto trading platform WhaleFin, laying the foundation for future crypto asset business. In September, Sony invested $3.5 million in blockchain technology firm Startale Labs, and the two formed a joint venture focused on blockchain technology R&D and early-stage development of core blockchain networks.

In March 2024, Sony Bank announced plans to launch the NFT management app “Sony Bank CONNECT” in the summer, which can connect to the SNFT platform and provide users with NFT-related privileges and access. In April, Sony Bank conducted proof-of-concept testing for fiat-backed stablecoins on the Polygon blockchain, evaluating legal and practical feasibility. On July 1, the previously acquired Amber Japan was officially renamed S.BLOX and became Sony’s cryptocurrency exchange, serving as a bridge between traditional 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 fund Samsung Next announced investment in Startale Labs and participation in the incubation program, marking a collaboration between Japanese and Korean tech giants in the blockchain space. In addition, the company responsible for Sony’s blockchain business was officially renamed Sony Blockchain Solutions Lab.

In January 2025, Sony launched the Soneium mainnet, an Ethereum Layer 2 blockchain network, via its Sony Blockchain Solutions Lab. The mainnet maintained the testnet’s technical specs, supporting seamless app migration and real crypto asset payments. On launch day, Sony banned several meme coin projects citing “intellectual property protection.”

Multiple Sony business lines deeply collaborate with Soneium: Sony Pictures Entertainment offers exclusive access for specific content purchases on the platform, Sony Music Entertainment (France) issues limited edition NFTs, and Sony Music Publishing (Japan) launches idol group NFT events. Sony also deepened its partnership with Astar Network, leveraging its technology and operational experience to expand the Web3 ecosystem, with the ASTR token becoming a core asset of Soneium.

Sony fans had hoped Soneium would attract a large number of PlayStation games. However, so far, no mainstream game series from Sony has launched crypto games on Soneium. Instead, it has developed into a network with NFT music collections and a growing small game library, and has collaborated with Square Enix’s now-closed crypto game “Symbiogenesis.”