Sony Bank has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank, a step toward its plan to issue a dollar-backed stablecoin. The approval, reported on July 6, allows its subsidiary, Connectia Trust, to prepare for operations expected in 2027, pending the fulfillment of remaining regulatory conditions.
Connectia Trust, a wholly owned subsidiary, is slated for establishment this month with $40 million in capital. This entity will manage the issuance and reserves for a dollar-denominated stablecoin. Sony Bank stated the trust aims to create a “medium- to long-term business foundation” for its digital asset ventures. The bank previously indicated to Nikkei its intention for U.S. customers to use the token for digital content purchases across Sony’s ecosystem, potentially lowering transaction fees.
The U.S. market for this stablecoin initiative is enabled by the GENIUS Act, federal legislation passed last year that outlines reserve and disclosure rules for dollar-pegged tokens. This aligns with Sony’s broader digital asset strategy, including the launch of its Ethereum layer-2 network, Soneium, in early 2025. Sony’s blockchain partner, Startale, introduced a separate dollar stablecoin on Soneium last year. For its own token, Sony Bank has engaged infrastructure firm Bastion for issuance, reserve management, and custody.
Sony Bank’s application follows similar moves by other crypto and payment firms seeking federal trust status. In December, the OCC conditionally approved Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. A national trust charter allows firms to custody assets, manage reserves, and issue stablecoins under federal supervision, but prohibits them from accepting cash deposits or making loans.
Despite the conditional approval, Sony’s initiative faces opposition. The Independent Community Bankers of America urged the OCC to reject the Connectia Trust application in November, arguing it would permit Sony to issue deposit-like stablecoins while circumventing the insurance and regulations governing traditional banks. Senator Elizabeth Warren (D-MA) has also contended that the OCC has improperly granted charters to firms not qualifying under the National Bank Act. Cody Carbone, CEO of the Digital Chamber, countered in May that these criticisms “misread both the statute and the OCC’s longstanding charter authority.” A U.S. banking lobby has also considered legal action regarding these charters.
Connectia Trust currently exists as a plan. The conditional nod requires Sony Bank to satisfy all outstanding OCC conditions before its stablecoin can launch, a process anticipated to conclude in 2027. The global stablecoin market cap is currently over $308 billion.
Broader Context
Source materials place the factual news in this context: Sony Bank has secured conditional approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, moving Japan’s Sony Financial Group closer to issuing its own dollar-backed stablecoin.
Why This Matters
This development signifies Sony Bank’s strategic move into the stablecoin market, aiming to integrate digital assets into its existing ecosystem and potentially reduce transaction costs for consumers. The initiative is supported by the GENIUS Act, which provides a regulatory framework for such tokens in the U.S., and aligns with Sony’s broader digital asset strategy, including its Ethereum layer-2 network, Soneium. However, the path forward involves meeting remaining regulatory conditions and navigating opposition from traditional banking groups and political figures concerned about the implications of national trust charters for stablecoin issuers.
