Sony Bank is moving away from Ripple's XRP-based North Star project. The financial division of Sony Group is instead developing a proprietary closed-loop payment system that relies on fiat currency. The shift has immediate implications for PlayStation: the gaming platform will not integrate XRP for transactions in the foreseeable future.
A Fiat-Backed Alternative to North Star
According to details emerging from Sony Bank, the company is pushing for a closed-loop ecosystem that keeps payments within its own infrastructure, backed by traditional fiat money. This approach contrasts with the open, decentralized nature of Ripple's North Star initiative, which would have used XRP as a settlement token. Sony Bank's choice signals a preference for control and regulatory simplicity over cryptocurrency volatility.
No XRP for PlayStation Anytime Soon
PlayStation, a major consumer-facing brand under Sony, had been considered a potential venue for XRP payments under the North Star proposal. But with Sony Bank opting for a fiat-backed model, those plans are off the table. Users won't be buying games or making in-app purchases with XRP in the near term. The decision leaves Ripple's ambitions for mainstream gaming adoption without a key partner.
Sony Bank has not announced a timeline for the fiat-backed system's launch.
