Daily crypto digest: Sony gets OCC approval for stablecoin bank, Hyundai pilots stablecoin on Avalanche, Zapper shuts down, Arbitrum L2 fee structure announced, and AscendEX faces security concerns.
DeFi & Yields ·
Sony Bank received conditional approval from the OCC to establish Connectia Trust, a New York-based national trust bank subsidiary fully owned by Sony Bank. The entity will be capitalized with $40 million to support stablecoin issuance and management operations, though the bank will not begin operations until receiving all required regulatory approvals, including final OCC sign-off.
The move arrives as dollar-denominated stablecoin usage accelerates, with transaction volume reaching $1.79 trillion last month. USDT and USDC currently dominate the market, controlling roughly $250 billion of the $311 billion total stablecoin market capitalization. Conditional OCC approval for trust-bank structures has been granted to multiple competitors, including Stripe-owned Bridge, Paxos, and Circle Internet, intensifying competition in an already crowded segment.
A comprehensive federal stablecoin framework remains under development through the GENIUS Act, and Sony's final approval timeline is unclear. The conditional status does not guarantee a launch date or token issuance, leaving open when—or whether—the subsidiary will actually begin stablecoin operations.