Crypto Payments on the Rise: Sony Plans Stablecoin for PlayStation, RedotPay Expands to Nigeria

Sony Betting on Stablecoin for PlayStation Store

Japanese electronics conglomerate Sony is apparently planning to introduce its own US-dollar stablecoin in 2026. This is reported by Nikkei Asia citing informed sources^[2]. As early as October, Sony Bank, the company's financial arm, had acquired a corresponding license in collaboration with stablecoin company Bastion^[2].

A primary use case for the planned stablecoin is intended to be the PlayStation Store, where it could be offered as an alternative payment method alongside credit cards and PayPal^[2]. The focus is on the US market, which accounts for approximately 30 percent of Sony's revenue^[2].

Cost Savings as a Driving Force

Behind the engagement of large corporations in stablecoins lies also a business rationale. By issuing their own stablecoins, companies can save considerable fees that would otherwise flow to banks or payment service providers such as Visa or Mastercard^[2]. Sony is thus following a trend that an increasing number of institutional actors are adopting this year^[2].

RedotPay Enables Crypto Payouts in Nigeria

Parallel to Sony's announcement, RedotPay has introduced a new feature in cooperation with Ripple that allows users to convert digital assets into Nigerian naira and withdraw them to local bank accounts within minutes^[1]. The service "Send Crypto, Receive NGN" is based on Ripple Payments and supports a range of important tokens at launch, including USDC, USDt, Bitcoin, Ether, Solana, Tron, XRP, and BNB^[1]. Integration of Ripple USD is planned for a later date^[1].

"RedotPay is building stablecoin-backed payments that make digital assets as easy to use as local currencies, allowing users to securely send XRP or stablecoins and receive NGN within minutes," explained RedotPay CEO Michael Gao^[1].

Nigeria as an Important Crypto Market

Nigeria is among the world's most active countries regarding crypto usage and search interest, ranking sixth in Chainalysis' Global Adoption Index 2025^[1]. However, regulators have taken a harder line since last year. Nigeria's Securities and Exchange Commission (SEC) tightened regulations for crypto marketing and advertising in December 2024^[1].

Earlier this year, the country also sued the Binance exchange for $81.5 billion, arguing that the platform contributed to the depreciation of the local currency, and demanded $2 billion in back taxes^[1].

Regulatory Opening Despite Controversies

Despite these controversies, Information Minister Mohammed Idris signaled in March that many crypto companies operate in the country without facing lawsuits or criminal prosecution^[1]. In July, SEC Director General Emomotimi Agama also announced that Nigeria is open to stablecoin businesses that comply with local regulations^[1].

The parallel developments at Sony and RedotPay underscore the growing acceptance of stablecoins and crypto payments in both the corporate and consumer sectors.