Sony Bank gets conditional OCC approval for US trust bank to issue dollar-backed stablecoin

Japan's Sony Bank has secured conditional approval from the Office of the Comptroller of the Currency to set up a U.S. national trust bank, with plans to issue a dollar-backed stablecoin.

In a statement dated July 6, Sony Bank said it plans to establish a wholly owned subsidiary, Connectia Trust, this month with $40 million in capital. The unit will issue and manage a dollar-denominated stablecoin, as stated.

Connectia Trust is set to launch sometime in 2027, pending final approval, according to the International Business Times.

"The establishment of this trust subsidiary is intended to contribute to the development of a medium‑ to long‑term business foundation for the Sony Financial Group’s digital asset businesses," Sony Bank said in the statement.

The bank has yet to name a representative for Connectia Trust. The Block has reached out to Sony Bank for further comment.

Sony Bank, part of Sony Financial Group, previously told Nikkei that it envisions the dollar-backed stablecoin being used by U.S. customers to pay for video games, anime, subscriptions and other digital content across Sony's ecosystem.

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Debate

Sony's move came as a growing number of crypto firms have sought OCC approval to operate as trust banks in the U.S. 

Last year, the OCC conditionally approved Ripple, Circle, Fidelity Digital Assets, and Paxos. If these firms receive final approvals, they would be allowed to hold customers' assets but still wouldn't be able to accept cash deposits or make loans. BitGo has also received full OCC approval in December.

The regulatory nod has prompted pushback from U.S. Senator Elizabeth Warren, who raised concerns over the OCC's decision to "improperly grant" national trust charters to companies that she said do not qualify under the National Bank Act.

In May, the Digital Chamber, which represents more than 250 crypto-related entities, pushed back against Warren's claim.

"The characterization of these approvals as 'apparent violations' of the National Bank Act misreads both the statute and the OCC's longstanding charter authority," TDC CEO Cody Carbone said at the time.

Updated to reflect that BitGo received full OCC approval in December 2025.