Sony Bank plans a USD-pegged stablecoin for US users through a proposed OCC-chartered crypto trust, drawing ICBA pushback and new research on the impact of stablecoins on banks.
Summary
- Sony Bank aims to issue a 1:1 USD stablecoin for payments in its gaming and anime ecosystems starting in fiscal year 2026, reducing card fees on subscriptions.
- The Connectia Trust unit has applied for a US national charter for crypto banks, but the ICBA opposes the move because it blurs the lines between banking and commerce and hurts community banks.
- The plan comes as the market capitalization of stablecoins is growing rapidly and analysts like Standard Chartered warn they could take deposits away from emerging market banks by 2028.
Sony Bank, the banking division of technology company Sony, plans to issue a US dollar-pegged stablecoin for US customers as early as fiscal 2026. report from Nikkei.
The company plans to launch a 1:1 USD-pegged stablecoin for payments and settlement within its gaming and anime businesses, the report said. The stablecoin would provide an alternative to credit cards and other payment methods currently used by Sony customers for subscriptions, potentially reducing fees paid to card issuers.
Sony filed an application with the Office of the Comptroller of the Coin in October to establish a national charter for crypto banks under its subsidiary Connectia Trust. If approved, Sony would join a select group of major tech companies to receive a U.S. banking charter tied to a stablecoin.
The Independent Community Bankers of America (ICBA) filed a letter with the OCC on November 6 opposing Sony Bank’s application. The organization stated that the approach is intended to leverage the benefits of a U.S. banking charter without being subject to the full scope of U.S. banking regulations. The ICBA argued that Connectia’s model exceeded the traditional scope of trust banks and warned that adoption would weaken the historic separation between banking and commerce while putting community banks at a competitive disadvantage.
The development comes amid the growing influence of stablecoins in the international financial world. The total market capitalization of major USD-pegged stablecoins, including Tether’s USDT and Circle’s USDC, represents a significant portion of the cryptocurrency market, with the overall stablecoin market capitalization experiencing substantial growth.
Standard Chartered warned that large sums of money could flow from emerging markets banks into stablecoins by 2028, as adoption of dollar-pegged crypto assets accelerates globally.
