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China has intensified its fight against cryptocurrency focusing this time on stablecoins. The central bank led a coordinated effort with 13 government agencies to stop renewed speculation and control the use of digital assets that could bypass its financial rules. This is different from the previous bans on Bitcoin and other volatile cryptocurrencies. The main concern now is any digital instrument that challenges the authority of the yuan or allows money to move outside strict capital controls.

Stablecoins are pegged to real money and allow fast and discreet transfers. This makes them a tool that can bypass regulations and be used for cross-border transfers without oversight. Authorities see this as a risk to financial stability. They also highlight that stablecoins often lack proper customer checks and anti-money laundering measures. Regulators have now drawn a clear line on what is allowed making it certain that stablecoins are under strict scrutiny.

The crackdown also comes as Hong Kong started allowing regulated stablecoins. Interest in digital assets surged across the region even after China’s 2021 ban. Beijing acted quickly to stop this momentum. The new rules make it clear that even Hong Kong-issued stablecoins are considered a threat to the yuan and the rollout of China’s digital currency. Several big tech companies have already paused plans for stablecoins in response to the pressure. Local brokerages were also told to stop tokenization of real-world assets.

The financial effect was immediate. Stocks linked to crypto businesses in Hong Kong fell sharply. Several companies saw drops of five to ten percent in one day. This shows that the crackdown is more than a repeat of the old ban. It is a careful and strategic action to protect national financial control and prevent capital flight.

At the same time China is exploring its own yuan-backed stablecoins. This is part of a plan to strengthen the yuan globally and compete with other major currencies in digital finance. While the crackdown restricts private tokens, it supports state-controlled digital currency initiatives.

The broader impact is a growing division in global digital finance. China’s move limits private digital assets while encouraging its own currency. Markets in Hong Kong and mainland China are directly affected while global traders watch the developments closely. The crackdown signals a new era where digital asset control and national financial policy are deeply connected.

In summary China’s renewed action on crypto is focused on stablecoins. By involving multiple agencies it has made a strong statement that stablecoins will no longer operate freely. The move is strategic and aims to protect the yuan while preparing for a broader digital currency competition. The result is a clearer but stricter environment for crypto in the region and a challenge to Hong Kong’s ambitions as a digital asset hub.
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Sony Bank is preparing to roll out a U.S.-regulated dollar-backed stablecoin by 2026, according to reports. The company is working with Bastion and expanding its Web3 ecosystem, aiming to enable crypto payment options across platforms — including future PlayStation services.

Sony Bank — the digital banking arm under Sony Financial Group — is reportedly gearing up to introduce a U.S.-based stablecoin designed to support payments across Sony’s broad entertainment network.

According to a Monday report from Nikkei, Sony aims to debut a dollar-backed stablecoin in 2026. Once released, the token could be used to purchase PlayStation games and subscriptions, as well as anime content within Sony’s digital platforms.

With U.S. consumers accounting for nearly 30% of Sony Group’s global revenue, the company sees the stablecoin as a way to streamline payments and cut down on credit card processing fees by offering an alternative payment method.

To move the plan forward, Sony Bank filed for a U.S. banking license in October in order to set up a subsidiary focused specifically on stablecoin operations. The bank is also collaborating with Bastion — a U.S.-regulated stablecoin issuer — and Sony’s venture capital arm recently participated in Bastion’s $14.6 million funding round led by Coinbase Ventures.

Sony Bank’s Expansion Into Web3

The push toward a U.S. stablecoin fits into Sony Bank’s broader strategy to grow its Web3 footprint. In June, the bank launched a dedicated Web3 division to accelerate its blockchain-related initiatives.

“Blockchain-powered digital assets are becoming a part of many emerging services and business models,” Sony Bank noted in a statement published in May.

The bank added that financial tools such as wallets for storing NFTs and crypto assets, along with crypto exchange services, are becoming increasingly critical as Web3 adoption expands.

In June 2025, Sony Bank launched a dedicated Web3 subsidiary with an initial investment of 300 million yen (around $1.9 million), according to the bank. The division, now called BlockBloom, is designed to create an ecosystem integrating fans, artists, NFTs, digital and physical experiences, and both fiat and digital currencies.

Related: Animoca plans to expand into stablecoins, AI, and DePIN in 2026, says executive.

The stablecoin project comes after Sony Financial Group — Sony Bank’s parent company — spun off from Sony Group and became independently listed on the Tokyo Stock Exchange in September. The separation was intended to streamline operations and allow both the financial arm and the broader Sony conglomerate to focus on their strategic priorities.

Cointelegraph reached out to Sony Bank for comment on its potential U.S. stablecoin launch but had not received a reply by the time this article was published.
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On November 28, 2025, the issuer of the stablecoin USDT, the company Tether, reached a record 116 tons of physical gold in reserves, according to analysts at Jefferies. This makes Tether one of the largest non-governmental holders of gold in the world, on par with the central banks of South Korea (104 tons), Hungary (94 tons), and Greece.

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