Games, anime and stablecoins: Sony prepares a dollar token for the US

According to Sony’s plan, a token pegged 1:1 to the US dollar will serve as a payment rail inside the group’s entertainment ecosystem: from buying games and in-game items to paying for subscriptions and accessing anime content. The US audience is key here: PlayStation gamers account for roughly a third of Sony’s overseas entertainment revenue. Another upside for Sony is the chance to cut fees and other costs compared with traditional card payments.

To enter the US market, Sony Bank filed for a banking charter last fall and set up a dedicated vehicle called Connectia Trust. The new trust bank is expected to handle the issuance of the stablecoin, hold the reserves backing it and provide custody services for digital assets. On the infrastructure side, Sony is working with Bastion, a technology partner that specializes in stablecoin solutions.

The regulatory path, however, is anything but smooth. In mid-November, the Independent Community Bankers of America (ICBA), which represents small regional lenders, sent a letter to the Office of the Comptroller of the Currency (OCC) urging it to reject the application for a trust charter for Connectia Trust. ICBA argues that the plan would effectively allow Sony to issue a “quasi-deposit” stablecoin that people could use like regular bank money, for transfers, purchases and 1:1 conversion into dollars, while the product sits outside federal deposit insurance and Community Reinvestment Act requirements. The association warns that this setup could confuse customers and leave them exposed if the issuer fails.

Critics of ICBA say some of this pushback is driven not only by concern for consumers, but also by the desire of traditional banks to defend their turf as fintechs and stablecoins move deeper into payments.

As a result, Sony Bank has landed at the crossroads of two powerful trends: big tech’s expansion into stablecoins and a tug-of-war between lobbying groups over who will control the next wave of digital money. The OCC is still reviewing Connectia Trust’s application, and its final decision will determine whether Sony’s stablecoin remains a limited experiment or grows into a full-fledged payment tool for millions of gamers and subscribers in the US.