Sony Bank seeks OCC charter to issue USD stablecoin for U.S. gamers

Sony Bank plans to issue a 1:1 USD-pegged stablecoin for U.S. customers as early as fiscal 2026 to enable payments and settlements across its gaming, streaming and anime ecosystems, including PlayStation. The stablecoin—targeted at lowering card processing and cross-border fees for subscriptions, in-game purchases and digital content—would be issued via Connectia Trust, a Sony Bank subsidiary that applied to the U.S. Office of the Comptroller of the Currency (OCC) for a national crypto bank charter in October. Sony has partnered with Bastion for stablecoin infrastructure and retains backing from Sony Financial Group. More than 30% of Sony’s revenue comes from the U.S., making that market central to early adoption. The plan has drawn formal opposition from the Independent Community Bankers of America (ICBA), which argues the model blurs banking and commerce, could resemble uninsured deposits and disadvantage community banks. Analysts and banks have warned that rising USD stablecoin adoption could siphon deposits from emerging-market banks by 2028, increasing regulatory scrutiny. Technical details — including custody, redemption mechanics, reserves, audit regime and whether payments will integrate with Sony’s Layer-2 Soneium blockchain — remain unclear. If approved, the stablecoin could streamline payment rails within Sony’s ecosystem, reduce transaction costs and increase user engagement, but it faces regulatory pushback that could delay or change the rollout.