Sony Bank gets OCC approval for US dollar stablecoin trust

Sony Bank, the online banking division of Japan's Sony Financial Group, has received conditional approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank subsidiary for issuing dollar-backed stablecoins. The planned entity, Connectia Trust, is targeted to launch in 2027, pending final regulatory approvals from U.S. and Japanese authorities.

The OCC granted preliminary conditional approval on July 2, 2026, allowing Sony to proceed with building the structure but not to begin operations. The company stated that no business activities, including the issuance of stablecoins, will be conducted until all final approvals are secured. Connectia Trust will be a wholly-owned subsidiary based in New York, capitalized with approximately $40 million. It will not function as a traditional commercial bank, as it will not accept standard deposits or issue loans. Instead, its sole purpose will be the issuance, management, custody, and redemption of stablecoins pegged to the U.S. dollar.

Sony envisions using these stablecoins across its global entertainment ecosystem. Potential applications include internal treasury operations, cross-border payments, and...