Why did Sony choose to issue a US dollar stablecoin instead of a Japanese yen stablecoin?

Deng Tong, Jinse Finance

On December 2, 2025, according to Nikkei, video game and technology giant Sony Group 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 US instead of Japan to issue its stablecoin?

I. Where will Sony's stablecoin be issued?

The US is a good option because it passed the GENIUS Act earlier this year. Previously, Sony's banking arm, Sony Bank, submitted an application in October seeking a US national banking license. This license would allow its subsidiary's trust bank to engage in "certain specific activities involving cryptocurrencies."

According to the October report, the bank will operate in the US as a trust company and provide 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 US 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 pays transaction fees to credit card companies. With 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. The stablecoin will operate alongside existing payment methods, rather than completely replacing them. Players may notice slightly lower prices 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 upon 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 the 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. Besides the US, key markets in Europe and Southeast Asia also use the US dollar as the primary settlement currency. Issuing a US dollar stablecoin can best meet business needs and avoid the cross-border exchange costs associated with Japanese yen stablecoins. From a regulatory perspective, the US 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. While Japan revised its Payments Act in 2023 to allow the issuance of stablecoins, it mandates a peg to the yen and restricts application scenarios, making its flexibility far lower than the US market. Specifically, under the Stablecoin Act's regulatory mechanism, 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; there is no restriction that stablecoins must be pegged to the U.S. dollar. While the Payment Services Act 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 primarily be used for: small-amount payments and settlements within Japan, and regulated financial services scenarios, and discourage DeFi, cross-border payments, crypto trading, and global circulation.

Therefore, under Japan's stablecoin regulatory rules, the uses of stablecoins are more conservative and not suitable for giant companies like Sony. Dollar stablecoins, on the other hand, have a wider range of participants and more use cases, thus appealing to Sony.

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 argues that Sony's stablecoin is similar to bank deposits but does not need to comply with the same rules. Traditional banks must purchase federal insurance and invest in local communities. Sony's digital currency bypasses these requirements, directly competing 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 time. IV. Conclusion The stablecoin market is expanding, 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 the regulatory approval process and gain consumer acceptance by 2026. Appendix: Other Sony Explorations in the Blockchain Field In 2021, Sony Music participated in a $30 million Series A funding round for the NFT marketplace MakersPlace, initiating early explorations of NFT technology applications in the music industry. In April 2022, Sony subsidiary Sun Asterisk established a joint venture NFT business in Singapore, with Sony holding a 70% stake. The business covers NFT issuance, game development, and other support services. That same year, Sony officially launched its NFT platform, SNFT. Sony Music partnered with Solana's ecosystem NFT platform, Snowcrash, to release a series of NFTs featuring artists such as Bob Dylan, and also filed trademark applications for the Columbia Records logo. In August 2023, Quetta Web, a wholly-owned subsidiary of the Sony Group, acquired Amber Japan, which operates the cryptocurrency trading service platform WhaleFin, laying the foundation for its future cryptocurrency business. In September, Sony invested $3.5 million in blockchain technology company Startale Labs, and the two companies jointly established a subsidiary focusing on blockchain technology research and development, advancing the early-stage 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 fiat-pegged stablecoin on the Polygon blockchain, assessing related legal issues and application feasibility. On July 1, 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 continued the technical specifications of the testnet, supporting seamless application migration and real-world crypto asset payments. On the day of launch, Sony banned several Meme coin projects citing "intellectual property protection." Sony's various business lines have deeply collaborated with Soneium. Sony Pictures Entertainment provides exclusive access to content purchased on specific platforms, Sony Music Entertainment (France) issued limited-edition NFTs, and Sony Music Publishing (Japan) launched a girl group performance-related NFT campaign. Simultaneously, Sony deepened its cooperation with Astar Network, leveraging its technology and operational experience to promote the expansion of the Web3 ecosystem. The ASTR token became a core asset of Soneium. Sony fans had hoped that Soneium would attract a large number of PlayStation games to launch. However, to date, no major Sony game franchise has released crypto games on Soneium. But it has evolved into a network with a collection of NFT music and a growing library of small games, and it also previously collaborated with Square Enix's now-defunct crypto game, Symbiogenesis.