Sony Bank has announced a strategic partnership with Bastion, selecting the regulated stablecoin services provider as the sole issuer for its upcoming U.S. dollar-backed stablecoin. Bastion will be responsible for the entire lifecycle of the stablecoin, including issuance, reserve management, and custody.

Under the strategic partnership announced today, Bastion will handle end-to-end stablecoin issuance, reserve management, and institutional-grade custody for Sony Bank, a wholly owned subsidiary of Sony Financial Group. The Tokyo-based online bank will leverage Bastion’s compliant platform to offer stablecoin services to Sony Group affiliates and, eventually, a broader customer base.

Nassim Eddequiouaq, co-founder and CEO of Bastion, called the deal a watershed moment for institutional adoption of stablecoins.
“The evolution of our financial system demands the buy-in of major players like Sony Bank to pave the way for innovation and change,” Eddequiouaq said in a statement. “Sony’s decision to partner with Bastion is a powerful endorsement of our mission to build the infrastructure for a stablecoin-powered future.”

The partnership is the latest milestone for Bastion following a high-profile funding round backed by Sony Innovation Fund, Andreessen Horowitz’s a16z Crypto, Coinbase Ventures, Samsung NEXT, and Hashed.

Sony Bank, established in 2001 as one of Japan’s first direct-to-consumer online banks, has traditionally focused on retail banking services for individual customers. The move into regulated USD stablecoins represents its most significant push into blockchain-based financial products to date.

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https://www.Bastion.com/blog/bastion-named-sole-issuance-provider-for-sony-bank-stablecoin-initiative