Sony is planning to issue a USD-pegged stablecoin for payments across it's entertainment ecosystem. The token would be used for purchases on PlayStation Store, and other Sony services covering games, anime, movies, and music. Bastion, a stablecoin infrastructure provider backed by Coinbase, will handle issuance, reserve management, and custody. Sony's venture arm previously invested in Bastion's $14.6 million funding round.
Why a stablecoin?
Sony says the stablecoin is designed to work alongside credit cards and reduce the fees it pays to card networks. The company doesn't explain how they would achieve cost reduction. Assuming consumers would still use cards for buying the stablecoin in the first place, the savings could come from using the stablecoin wallet for various payouts (refunds, creator earnings, rewards) and purchases that would otherwise be done via the customer's bank account or credit card. Sony Bank applied for a US banking license in October to set up a subsidiary that would issue the stablecoin and hold digital assets.
Why build instead of integrate?
Sony could have integrated an existing stablecoin like USDC for payments. Instead, it's issuing its own token through a dedicated US subsidiary, with Bastion handling the infrastructure. That gives Sony full control over the payment rails within its ecosystem, and potentially a path to use the stablecoin for treasury operations and inter-company settlement beyond consumer payments.
