Sony Bank, the banking division of tech giant Sony, is reportedly issuing its US dollar-pegged, GENIUS-regulated stablecoin for US customers as early as fiscal 2026, Nikkei reported Monday.

The Group plans to roll out its 1:1 USD-pegged stablecoin for payments and settlement within its gaming and anime business.

Until now, Sony customers have paid for subscriptions via credit cards and other means, the report added. Launching a stablecoin would potentially reduce fees paid to credit card issuers.

Sony’s Stablecoin Debut and Challenges

Sony took the US markets by surprise in October by filing for an OCC application to establish a national crypto bank charter under its subsidiary “Connectia Trust.”

If approved, Sony would be among the major tech firms to receive stablecoin stablecoin-tied U.S. bank charter.

However, on November 6, the Independent Community Bankers of America (ICBA) wrote a letter to the US OCC, “strongly opposing” Sony Bank’s application.

The Group accused that the approach is designed to receive the benefits of a U.S. bank charter without becoming subject to the full scope of U.S. bank regulations.

ICBA added that Connectia’s model exceeded the traditional scope of trust banks. An approval would weaken the historical separation of banking and commerce, pivoting the field against community banks, it added.

US Stablecoin Market Expands Rapidly

The announcement comes at a time when stablecoins are increasingly influencing international finance and U.S. fiscal stability.

The total market cap of two of the largest USD-pegged stablecoins – Tether’s USDT and Circle’s USDC – accounts for $260 billion, DefiLlama data shows. Further, the total stablecoin market capitalization now exceeds $306 billion.

Standard Chartered issued a dire warning recently, suggesting that over $1 trillion could flow out of emerging-market (EM) banks and into stablecoins by 2028, as adoption of dollar-pegged crypto assets accelerates globally. This makes Sony’s entry well-timed for a rapidly growing sector of the digital economy.

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DeFi platform Yearn Finance’s yETH product was hit by an unlimited minting of tokens on Monday, draining the entire yETH pool in a single transaction.

Yearn later confirmed the “incident”, assuring that its V2 and V3 Vaults remain secure and unaffected.

According to blockchain data, the exploit generated a near-infinite number of yETH, draining millions from Balancer pools. Attackers roughly profited 1,000 ETH, worth $3 million, which was routed through the Tornado Cash mixer, Chinese journalist Colin Wu noted.

yETH is an index token consisting of several different liquid staked versions of ETH, in other terms, Ethereum Liquid Staking Derivatives (LSTs). The attack was first flagged by an X user Togbe, who highlighted “heavy transactions” on LSTs, including yearn, rocket pool, origin and dinero.

yETH Incident Puts DeFi Security Under Lens

The incident apparently involved several newly deployed smart contracts, which self-destructed after the transaction, per blockchain data. The total financial losses remain unclear; however, the yETH pool had a total value around $11 million prior to the attack, Dexscreener data shows.

Following the exploit, mixed reactions came from the community, with some expressing concern over the continued use of outdated contracts.

Besides, Yearn Finance suffered a hack in 2021, affecting its yDAI vault and losing $11 million in value. The hacker apparently got away with $2.8 million at that time. Later, that protocol flagged a faulty script in December 2023, wiping out 63% of a position in its treasury.

Crypto Lost $127M to Hacks, Scams in November Alone

Meanwhile, blockchain security firm CertiK confirmed on Sunday that the crypto industry suffered an estimated $127 million in losses to hacks and exploits.

The company’s monthly threat report noted that the actual affected funds were more than $172 million. However, the numbers reduced by $45 million after some of the stolen funds were recovered.

Balancer DeFi protocol attack tops the list of major exploits in November, marking one of 2025’s largest DeFi security breaches. The platform lost over $116 million in a sophisticated cross-chain exploit that affected multiple blockchains.

About $135 million was lost in DeFi incidents, followed by $29.8 million drained in exchange hacks, CertiK data noted.

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CME Group has halted trading across its Globex platform, affecting a wide range of contracts tied to stocks and crypto. The temporary suspension is due to “a cooling issue at CyrusOne data centres,” a statement on its website read.

“Support is working to resolve the issue in the near term and will advise clients of Pre-Open details as soon as they are available,” the CME team wrote.

CyrusOne operates over 55 data centres across the US, Europe and Japan, Reuters noted. The outage has impacted all futures and options contracts on its Globex platform.

Traders React to CME Outage, Says It’s a “Nightmare”

One trader, who declined to identify, told Reuters that the halt is a “nightmare.”

The CME Group informed traders just before the outage, affecting all futures and options contracts, including major currency pairs.

One user posted on X, asking the firm to cancel losses for any stuck trades.

Further, traders reported that crude oil and palm oil contracts stopped moving during the interruption. Meanwhile, crypto traders took the brunt too as Bitcoin and Ethereum futures on CME went offline during the halt.

The trading halt interrupted active sessions in Asia, especially when liquidity was already thin due to the U.S. Thanksgiving holiday.

“It’s been a very slow day here in Asia after the Thanksgiving holiday and this hasn’t helped at all, more so given there is interest to transact at the end of what has been a volatile month,” market analyst Tony Sycamore told Reuters.

Bitcoin Slumps Below $91K, Contrasts With 8.32% Weekly Gain

Meanwhile, Bitcoin fell 0.55% to $90,896 over 24h, contrasting with an 8.32% weekly gain. The slight decrease is attributed to $13.4 billion BTC options expiry squeeze.

Approximately 147,000 BTC options expired on November 28, favoring bearish bets.

Besides, BTC tested $91,800 resistance three times in 24h but failed to hold, triggering automated sell orders. The largest crypto is currently trading at $91,24, at press time, per CoinMarketCap data.

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