Sony Bank, a subsidiary of Sony Financial Group, intends to issue a US dollar-pegged stablecoin in 2026, according to Nikkei, citing its own sources.
The token is expected to be used for payments related to video games, subscriptions, and anime content. This initiative targets American customers, who account for approximately 30% of the Japanese corporation’s external sales of entertainment products.
The use of the “stablecoin” aims to reduce payment processing costs compared to existing solutions like credit cards.
In October, Sony Bank applied for a banking license in the United States. The company has partnered with stablecoin issuer Bastion and will utilize its infrastructure for the coin’s issuance.
Naver and Kakao Join the Stablecoin Race
South Korean tech giants Naver and Kakao have officially entered the competition to launch a won-based “stablecoin,” as reported by local media.
Senior analyst Yoon Seung Sik from Tiger Research assessed Naver’s position as more favorable. The company is awaiting regulatory approval for a merger with Dunamu, the operator of South Korea’s largest cryptocurrency exchange, Upbit. The platform, with 10 million users, could serve as an “optimal distribution platform” for the coin.
The tech firm plans to use the stablecoin as a currency in the metaverse Zepeto, which has a community of 400 million people, and in the image-sharing service Snow.
Kakao operates the chat application Kakao Talk, with over 49 million active monthly users. The company has a partnership agreement with Upbit’s competitor, Coinone.
Reportedly, Kakao has created a stablecoin task force, which includes several subsidiaries. The group is already discussing potential business models with domestic and international partners.
Initiatives Face Regulatory Challenges
Currently, there is no legal framework in Korea for private companies to issue tokens pegged to the national currency. However, authorities have promised to change this soon. The ruling Democratic Party has demanded that the Financial Services Commission (FSC) present a government proposal for stablecoin regulation by December 10.
In November, FSC Chairman Lee Eok-won acknowledged the need to close the gap with Japan and the US in establishing a regulatory framework for assets.
“We must not lag behind international trends. But there should be no risk,” the official stated.
The main obstacle remains the Bank of Korea’s extremely cautious stance. The regulator believes that won-based stablecoins could trigger capital outflows, weaken consumer protection protocols, and harm the effectiveness of monetary policy. The institution also highlighted the risks of assets losing their peg to the national currency.
Back in October, companies IQ and Frax launched the won-based “stablecoin” KRWQ. However, South Korean residents are currently unable to use the asset.