Sony Bank gets OCC nod for stablecoin trust subsidiary

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Sony Bank gets OCC

Highlights

Sony Bank won conditional OCC approval for a U.S. trust bank.
Connectia Trust will be capitalized with $40 million.
The unit plans to issue a dollar-backed stablecoin.
Final approval is still required before a 2027 launch.

The bank plans to establish a wholly owned subsidiary, Connectia Trust, this month with $40 million in capital, according to The Block. The unit is expected to issue and manage a dollar-denominated stablecoin, with a possible launch in 2027 if final approval is granted.

Sony looks to stablecoins for digital payments

Sony Bank said the trust subsidiary is meant to support the medium- and long-term foundation of Sony Financial Group’s digital asset business. The company has not yet named a representative for Connectia Trust.

The strategy points beyond crypto trading. Sony Bank has previously indicated that a dollar-backed stablecoin could be used by U.S. customers to pay for video games, anime, subscriptions, and other digital content across Sony’s ecosystem. That would turn the stablecoin into a payments rail for consumer entertainment rather than just another crypto asset.

A U.S. trust bank charter would give Connectia Trust a regulated structure for stablecoin issuance and asset management. But even with final approval, such institutions would not operate like traditional banks. They may hold customer assets, but they would not be allowed to accept cash deposits or make loans.

OCC approvals draw political pushback

Sony’s move comes as more crypto companies seek national trust bank charters in the U.S. The OCC has already granted conditional approvals to firms including Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos.

That trend has drawn criticism in Washington. Sen. Elizabeth Warren has questioned whether the OCC is giving national trust charters to companies that do not qualify under the National Bank Act. The Digital Chamber, a crypto industry group, has pushed back, arguing that the OCC’s charter authority has long covered such approvals.

Stablecoins move closer to mainstream commerce

The significance of Sony’s plan is that it links stablecoins to a large consumer platform. If approved, Connectia Trust could give Sony a dollar-based payment tool for digital content in the U.S., reducing reliance on traditional card networks and third-party payment processors.

The deal also shows how stablecoin regulation is becoming a banking issue, not only a crypto-market issue. For the OCC, the question is how far national trust charters should extend. For Sony, the opportunity is to build a regulated payment layer around games, anime, and subscriptions.

As we previously reported, Sony Bank and JPYC test yen stablecoin purchases from bank accounts.

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