Sony Bank Clears OCC Hurdle for Dollar Stablecoin
DECRYPT ·
Japan's Sony Bank has won conditional approval from the U.S. Office of the Comptroller of the Currency to set up a national trust bank, Connectia Trust, to issue a dollar-backed stablecoin. The subsidiary will be established this month with $40 million in capital and is expected to begin operations in 2027, pending final approval. Sony envisions U.S. customers using the token to pay for video games, anime and subscriptions across its ecosystem. Sony Bank has secured conditional approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, moving Japan's Sony Financial Group closer to issuing its own dollar-backed stablecoin . The lender plans to set up a wholly owned subsidiary, Connectia Trust, this month with $40 million in capital, it said in a statement dated July 6. The unit would issue and manage a dollar-denominated stablecoin, and is expected to begin operating in 2027 once it clears the regulator's remaining conditions. Sony Bank said the trust is meant to build a "medium- to long-term business foundation" for Sony Financial Group's digital-asset business. It has not yet named a representative for Connectia Trust.
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