Sony Bank Clears OCC Hurdle for Dollar Stablecoin
Sony Bank received conditional approval from the U.S. Office of the Comptroller of the Currency to create a national trust bank, bringing Sony Financial Group closer to launching a dollar-backed stablecoin. It plans to form Connectia Trust this month with $40 million in capital. The subsidiary would issue and manage the token, but cannot launch until it satisfies remaining OCC conditions, with operations targeted for 2027. Sony says the trust will support a long-term digital-asset business and could help U.S. customers pay for Sony digital content with lower fees than card payments. The plan fits the U.S. GENIUS Act framework for dollar-pegged tokens and Sony’s broader crypto push, including its Soneium blockchain and a stablecoin effort by partner Startale. Bastion will handle issuance, reserves, and custody. Sony joins other crypto and payments firms pursuing federal trust status, but the move has drawn criticism from U.S. banking groups and Senator Elizabeth Warren.
