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