Japanese multinational conglomerate Sony Bank is planning to launch a dollar-backed stablecoin in America as early as fiscal year 2026, according to a report by Nikkei.
This stablecoin is intended for use in purchasing games, anime, and digital subscriptions across Sony's extensive ecosystem. Nikkei indicated that "as early as fiscal 2026" is the current target for the launch.
To ensure its value remains steady, the stablecoin will be backed by assets such as government bonds. In line with common cryptocurrency practices, all transfers are expected to be low-cost and operate across different time zones without delays.
Sony Partners with Bastion for Stablecoin Development
Sony reportedly anticipates that U.S. users will transition to using stablecoin payments for subscriptions linked to its digital services. This move is significant considering that the U.S. accounted for over 30% of Sony Group's total external sales in the fiscal year ending March 2025.
Sony Bank submitted an application for a U.S. banking license in October. The company also plans to establish a new subsidiary to manage the stablecoin business. This venture will involve collaboration with Bastion, a U.S.-based company that already issues stablecoins.
Global Stablecoin Market Overview
Currently, the global stablecoin market is valued at $315.8 billion. Tether's USDT and Circle's USDC remain the dominant players, with their combined circulating supply reaching $260 billion as of the latest data.
The U.S. administration has shown support for stablecoins. Commerce Secretary Howard Lutnick has connections to Tether, and Congress recently adopted a stablecoin regulatory framework known as the Genius Act.
Industry projections indicate significant growth for the stablecoin market. Standard Chartered predicts it will reach $2 trillion by 2028, while Treasury Secretary Scott Bessent forecasts it will hit $3 trillion by 2030. The Genius Act's requirement for "100 per cent reserve backing with liquid assets" is expected to drive new demand for dollar bonds.