Sony Bank Picks Bastion to Power Its Stablecoin Launch

Bastion, the financial institution for regulated stablecoin services, announced yesterday, December 1, that Sony Bank is planning to issue a dollar-pegged stablecoin, and that Bastion was named sole issuance provider for the initiative.

Sony’s New Stablecoin To Be Used Primarily For Buying Sony Content

The announcement explained that the bank intends to release a new stablecoin of its own, which will be used to pay for Sony content, such as games and movies. In doing so, Sony Bank will enter the US stablecoin and digital asset market, tapping Bastion to enable secure, scalable stablecoin infrastructure to support next-gen stablecoin initiatives.

Thanks to this collaboration, Bastion and Sony Bank will provide stablecoin services for all Sony affiliates. Meanwhile, Bastion will be responsible for the coin’s issuance, reserve management, as well as custody at scale.

Commenting on the move, Bastion’s CEO, Nassim Eddequiouaq, stated that the evolution of the financial system demands the buy-in of major players, such as Sony Bank, to pave the way for innovation and change.

“Sony’s decision to partner with Bastion is a powerful endorsement of our mission to build the infrastructure for a stablecoin-powered future, and a positive indication for enterprise adoption of stablecoins. Together, Bastion and Sony Bank are laying the groundwork for a more programmable, efficient and cohesive global financial system,” Eddequiouaq explained.

Bastion Was Selected After Its Recent Strategic Raise

Bastion is the financial institution that powers secure, compliant stablecoin issuance, but also wallets, on- and off-ramps, cards, and yield products for enterprises and financial institutions. Its partnership with Sony Bank comes soon after Bastion’s own strategic raise, which included investment from major players, including Hashed, a16z crypto, Samsung NEXT, Coinbase Ventures, and Sony Innovation Fund itself.

The support received from these major funds further underscores the conviction in Bastion’s platform to power the next gen of financial infrastructure.

According to the terms of the deal, Bastion will be Sony Bank’s sole issuance provider. As such, it will lead the way for the Tokyo-based bank to expand into the digital asset landscape on a global level.

Sony Ventures Corporation’s CEO, Kazuhito Hadano, also commented on the move, stating that Sony is delighted to see its Sony Innovation Fund portfolio company Bastion be named as Sony Bank’s strategic provider as the company explores the world of digital assets.

“Together they will bring stablecoins to the mass market and set the tone for enterprise adoption of digital assets,” he added.