Key facts
- Sony Bank's subsidiary, Connectia Trust, received conditional OCC approval to establish a U.S. national trust bank.
- Connectia Trust will be capitalized at $40 million.
- The subsidiary is slated to issue and manage U.S. dollar-denominated stablecoins.
- Operations are expected to commence in 2027, pending final regulatory approvals.
- Sony Bank aims to reduce payment fees within its digital content ecosystem through this venture.
Sony Bank has received preliminary approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank subsidiary, Connectia Trust, National Association. This new unit, which will be fully owned by Sony Bank and capitalized at $40 million, is intended to issue and manage U.S. dollar-denominated stablecoins. Operations are anticipated to begin in 2027, contingent upon receiving all necessary final regulatory approvals.
The move marks Sony's entry into regulated U.S. stablecoin issuance and is part of its long-term strategy to build a digital asset business foundation. The company aims to reduce payment fees within its digital content ecosystem, which includes services like PlayStation and Crunchyroll.
Earlier in March, Sony Bank had signed a memorandum of understanding with stablecoin issuer JPYC Inc. to explore the direct connection of the Japanese yen-pegged stablecoin to the bank’s deposit rails.
This development occurs amidst a broader trend of major banks seeking to integrate stablecoin infrastructure, despite regulatory challenges in the U.S. Competitors like Circle, Paxos, and Stripe-owned Bridge are also pursuing federal trust charters. The OCC's approval is conditional, requiring further steps before operations can commence. The application has faced scrutiny from some lawmakers and banking industry groups.