Summary

  • Japan's Sony Bank has obtained conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to launch a national trust bank called Connectia Trust, aimed at issuing a dollar-pegged stablecoin.
  • The subsidiary will be set up this month with a capital of $40 million, with plans to initiate operations in 2027, contingent on final regulatory approval.
  • Sony's goal is for U.S. customers to utilize the token for purchasing video games, anime, and subscriptions within its ecosystem.

Sony Bank has received conditional approval from the U.S. Office of the Comptroller of the Currency, allowing it to move forward with establishing a national trust bank, which brings Sony Financial Group closer to launching a dollar-backed stablecoin.

The bank plans to create a wholly owned subsidiary named Connectia Trust this month, starting with a capital of $40 million, as outlined in a statement released on July 6. This new entity will focus on issuing and managing a stablecoin pegged to the dollar, with operations expected to begin in 2027 after fulfilling the remaining regulatory requirements.

Sony Bank stated that the purpose of this trust is to create a "medium- to long-term business foundation" for the digital asset initiatives of Sony Financial Group. A representative for Connectia Trust has yet to be appointed.

A Stablecoin for the PlayStation Ecosystem

Previously, the bank disclosed to Nikkei its intention for U.S. customers to use this token for digital content purchases across Sony's platforms, aiming to reduce transaction fees associated with card payments. Sony's operations include the PlayStation platform and the Crunchyroll anime service, although no major franchises have committed to this initiative as of yet.

This initiative is made feasible in the U.S. by the GENIUS Act, a federal law enacted last year that established regulations on reserves and disclosures for tokens pegged to the dollar. Additionally, it aligns with Sony's broader cryptocurrency strategy: the company launched an Ethereum layer-2 network, called Soneium, in early 2025, where its blockchain partner, Startale, introduced a separate dollar stablecoin late last year. For its own stablecoin, Sony Bank has engaged infrastructure firm Bastion to oversee issuance, reserve management, and custody services.

A Competitive Landscape for Charters

Sony is joining a growing list of cryptocurrency and payment companies pursuing federal trust status. In December, the OCC conditionally approved applications from firms such as Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos, and new applications continue to emerge, including one from World Liberty Financial, linked to former President Trump.

A national trust charter allows a company to manage reserves, custody assets, and issue stablecoins under federal oversight, but does not permit it to accept cash deposits or provide loans.

However, Sony's application has faced opposition. The Independent Community Bankers of America urged the OCC to reject the Connectia Trust application in November, arguing that it would enable Sony to issue deposit-like stablecoins while avoiding the regulations and insurance requirements applicable to traditional banks.

This influx of applications has also attracted political scrutiny, with Senator Elizabeth Warren (D-MA) claiming that the OCC has improperly granted charters to companies that do not meet the qualifications outlined in the National Bank Act. The Digital Chamber, a trade organization representing over 250 crypto firms, disputed this in May, with CEO Cody Carbone asserting that the criticism "misinterprets both the statute and the OCC's longstanding charter authority." Furthermore, a U.S. banking lobby is reportedly considering a lawsuit regarding these charters.