The financial arm of the Japanese technology giant Sony is reportedly preparing to issue its own US dollar-backed stablecoin is aimed squarely at American gamers and entertainment consumers. The token serves as a payment option for PlayStation games, anime streams, in-game purchases and subscriptions on Sony’s digital platforms.
By partnering with US-based digital asset issuing, custody and reserve management company Bastion, Sony aims to bypass the high fees and delays associated with traditional credit card processing. The stablecoin could hit the market as early as fiscal 2026, subject to regulatory approvals. according to Nikkei.
Synergies between crypto and the gaming industry have been explored in the past steam And Microsoft previously accepted Bitcoin, and Microsoft eventually rolled back crypto payments more broadly, including stablecoins. Additionally, Bitcoin has long played a role in the market for a variety of in-game items, from World of Warcraft gold to Counter-Strike skins.
This latest move fits into Sony’s growing blockchain presence, including possible integrations with its Ethereum Layer 2 network. Soneuma separate company to process high-volume transactions for gaming and media, including non-fungible tokens (NFTs).
However, this stablecoin push underscores a broader pattern in the crypto space: established players are building their own walled gardens rather than integrating into open networks.
Everyone wants to rule the world
Bitcoin emerged in 2009 as an open, permissionless currency system where anyone could join the network and create their own wallets, applications and other integrations. Developers, traders and users should agree on this new, decentralized finance protocol without gatekeepers or trusted third parties. Instead, there is a rush to proprietary stablecoins, with incumbents pursuing their dominance Connection and Circle’s USDT and USDC, which together hold over $250 billion in circulation.
Sony’s move is in line with recent US legislative initiatives such as the GENIUS Act, which sets clearer rules for stablecoin providers and has encouraged more institutional entry into the market. The growing number of companies getting involved, often prioritizing control over collaboration, include:
- JPMorgan Chase and Citi issue various forms of tokenized deposits
- Stripe is building its own company controversial Stablecoin-focused blockchain known as Tempo
- Trump-linked company World Liberty Financial is releasing its $1 stablecoin, which is the centerpiece of Corruption allegations coupled with the pardon of a former CEO of a crypto exchange
- PayPal launches its PYUSD stablecoin and launches its own blockchain-like network called PayPal world
- Visa and Mastercard are experimenting with settling stablecoins on their traditional tracks
- Cloudflare launches its stablecoin for AI agents
- Google Cloud is building a payment infrastructure for AI agents via existing stablecoins
- Klarna announces that it is the first company to issue a stablecoin on Tempo
This list barely scratches the surface, but the trend is clear. Banks, fintechs and technology companies alike view stablecoins and related technologies as a way to increase control and profits instead of ushering in a new age of decentralized finance (DeFi).
Of course, Facebook’s previous attempt (now Meta) also fits into the picture. In 2019, it introduced Libra (later called Diem), a basket-backed stablecoin that is cross-border and intended for billions of users. Regulators responded, citing risks to US dollar hegemony and money laundering.
David Marcus, who led Libra/Diem, stands out as a contrarian in the current environment. After leaving Meta, he co-founded Lightspark, a Bitcoin-focused startup focused on the Lightning Network (and more recently Spark) for scalable, decentralized payments. Marcus argues that only Bitcoin’s neutral, open design can deliver on crypto’s full promise, since without it we would just be exchanging one set of middlemen for another.
And Marcus is right. As each company builds its own token silo, the financial landscape further fragments and solidifies traditional institutions rather than dismantling them. Bitcoin provides a common ground for the transfer of value, but adoption stalls when the lure of proprietary coins, be they stablecoins or free-floating cryptocurrencies, proves too tempting. Until that changes, decentralization will remain more of a marketing term than what is evolving in reality.
