Sony Bank plans a USD-pegged stablecoin for U.S. users via a proposed OCC-chartered crypto trust, drawing ICBA pushback and fresh scrutiny of stablecoins’ impact on banks.
Summary
- Sony Bank aims to issue a 1:1 USD stablecoin for payments in its gaming and anime ecosystems from fiscal 2026, cutting card fees on subscriptions.
- Its Connectia Trust unit has applied for a U.S. national crypto bank charter, but the ICBA opposes the move as blurring banking–commerce lines and hurting community banks.
- The plan lands as stablecoins rapidly grow in market cap and analysts like Standard Chartered warn they could drain deposits from emerging-market banks by 2028.
Sony Bank, the banking division of technology company Sony, is planning to issue a U.S. dollar-pegged stablecoin for American customers as early as fiscal 2026, according to a report by Nikkei.
The company plans to launch a 1:1 USD-pegged stablecoin for payments and settlement within its gaming and anime business operations, the report stated. The stablecoin would offer 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 Currency in October to establish a national crypto bank charter under its subsidiary Connectia Trust. If approved, Sony would join a select group of major technology firms to receive a U.S. bank charter tied to a stablecoin.
The Independent Community Bankers of America (ICBA) submitted a letter to the OCC on November 6 opposing Sony Bank’s application. The organization stated that the approach is designed to receive the benefits of a U.S. bank charter without becoming subject to the full scope of U.S. bank regulations. The ICBA argued that Connectia’s model exceeded the traditional scope of trust banks and warned that approval would weaken the historical separation of banking and commerce while placing community banks at a competitive disadvantage.
The development comes amid growing influence of stablecoins in international finance. 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 overall stablecoin market capitalization experiencing substantial growth.
Standard Chartered issued a warning that large sums could flow out of emerging-market banks and into stablecoins by 2028 as adoption of dollar-pegged crypto assets accelerates globally.
