The Japanese tech firm will launch a $40 million trust bank in New York to issue dollar-pegged stablecoins for gaming and payments.
Sony has secured regulatory approval to establish a U.S. national trust bank subsidiary, capitalized at $40 million, to issue dollar-denominated stablecoins. The new entity will operate under Sony Bank and be based in New York City, with full ownership retained by the parent company.
Stablecoin transaction volume reached a record $1.79 trillion in June, reflecting growing adoption in digital payments. Competitors like Circle Internet Group and Paxos have also received U.S. approvals for similar trust bank structures tied to stablecoin issuance.
Sony plans to use its stablecoin for video game and anime payments. The company’s stock has declined 18% this year, trading at $21.15 per share.