Sure. Especially if a monthly subscription would be chosen over microtransactions, if they ever had to decide between the two. And to my knowledge, Destiny wouldn't be the first console MMO(if you would like to call it an MMO), Phantasy Star Online, Monster Hunter Frontier, and a Final Fantasy game. There were also some MMO subscription based games on the PS2, but I can't recall them.
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I know Defiance is a recent console MMO.