Japan-based Sony Bank has passed another significant regulatory hurdle in its plan to issue a dollar-backed stablecoin in the US. The bank announced it has received conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish a national trust bank. This step is seen as a key part of Sony Financial Group’s long-term growth strategy in the digital asset space.
Sony Bank plans to establish a wholly owned subsidiary called Connectia Trust this month with $40 million in capital. The bank stated that this new unit will issue and manage a dollar-denominated stablecoin. According to International Business Times, Connectia Trust is targeted to become operational in 2027, following final approvals.
Sony’s move comes at a time of increasing interest from cryptocurrency and digital asset companies seeking trust bank status in the US. Last year, the OCC granted conditional approval to companies such as Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos. If final approval is granted, these companies will be able to hold customer assets but will not be able to accept cash deposits or extend loans like traditional banks.
On the other hand, the OCC’s approach has also sparked political debate in the US. Senator Elizabeth Warren criticized the regulator, arguing that national trust bank licenses were being granted to companies that did not meet the requirements under the National Banking Act. In response, Digital Chamber, which represents more than 250 crypto companies, argued that Warren’s comments misjudged the long-standing authority of the OCC.
Sony Bank emphasizes that the establishment of the trust subsidiary aims to create a medium- to long-term business foundation for Sony Financial Group’s digital asset business. The bank previously told Nikkei that the dollar-backed stablecoin could be used in the US within the Sony ecosystem for payments on video games, anime content, subscriptions, and other digital products.
*This is not investment advice.
