Sony Bank wins conditional US trust charter for dollar stablecoin
DeFi & Yields ·
Japan's Sony Bank has received preliminary sign-off from the Office of the Comptroller of the Currency to form a national trust bank, setting up a path to launch a dollar-pegged token in the United States.
The new entity, Connectia Trust, is set to be formed this month with $40 million in capital, according to a statement dated July 6 cited by Decrypt. Sony has indicated the unit is expected to start functioning in 2027, contingent on satisfying remaining regulatory conditions attached to the approval. The bank has described the charter as a way to lay groundwork for the digital-asset arm of Sony Financial Group over the medium to long term, though it has not yet appointed anyone to lead Connectia Trust.
Sony's stated aim is to let American users pay for digital goods — games, anime content, and subscriptions across its platforms — with the token, potentially cutting the transaction costs tied to card payments. That plan depends on reserve and disclosure standards set by the GENIUS Act, the federal stablecoin law enacted last year. It also builds on Sony's existing crypto footprint: the company runs the Ethereum layer-2 network Soneium, launched in early 2025, where partner Startale already issued its own dollar stablecoin. Infrastructure firm Bastion has been engaged to manage issuance, reserves, and custody for Sony's coin.
The approval places Sony among a growing list of firms pursuing federal trust charters for stablecoin activity. The OCC granted conditional approvals in December to Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos, with additional applications, including one tied to World Liberty Financial, still pending, according to The Block. Such a charter permits custody of assets, reserve management, and stablecoin issuance under federal oversight, but does not allow deposit-taking or lending.
Not everyone has welcomed the trend. The Independent Community Bankers of America pushed the OCC to deny Connectia Trust's bid, contending it would let Sony offer deposit-like products without the oversight applied to conventional banks. Senator Elizabeth Warren has separately argued the agency has overstepped its authority under the National Bank Act in approving similar charters, a claim the Digital Chamber trade group has disputed. A banking industry lobby has also floated possible legal action over the approvals, a broader regulatory dispute tracked by Leviathan News.
What remains unresolved is which outstanding conditions Sony must still meet before Connectia Trust can begin operating, and whether any Sony franchise will formally commit to accepting the stablecoin once it launches.