Sony Bank secures OCC conditional approval to launch US trust bank for stablecoins
The entertainment giant's banking arm gets the green light from US regulators to build a national trust bank focused on dollar-backed stablecoins
The US Office of the Comptroller of the Currency has granted conditional approval for Sony Bank to establish a national trust bank in the US, as the Sony Financial Group subsidiary prepares to enter the US dollar stablecoin market.
Sony Bank plans to establish Connectia Trust, National Association with $40 million in capital to support the future issuance and management of US dollar-denominated stablecoins as part of the group’s digital asset strategy.
The company said no business operations, including stablecoin issuance, will begin until all regulatory approvals, including the OCC’s final authorization, have been obtained.
The trust subsidiary is scheduled to be established in July and will be wholly owned by Sony Bank.