Sony Bank, an online lending institution under Sony Financial Group, has received conditional preliminary approval from the US Office of the Comptroller of the Currency (OCC) to establish a n
Sony Bank, an online lending institution under Sony Financial Group, has received conditional preliminary approval from the US Office of the Comptroller of the Currency (OCC) to establish a national trust bank dedicated to issuing and managing dollar-based stablecoins. The new subsidiary, to be named Connectia Trust, will focus exclusively on issuing and overseeing stablecoins pegged to the US dollar.
The approval does not authorize Connectia Trust to commence immediate operations. Instead, the OCC has granted Sony Bank a temporary and conditional approval, pending final regulatory consent. Sony Bank will allocate an initial capital of $40 million for Connectia Trust, aiming for the venture to become operational by 2027.
Connectia Trust’s application does not include traditional banking services such as deposit-taking, lending, or payment processing. The sole purpose of the trust structure is to issue and manage dollar-pegged stablecoins under regulatory oversight.
The company has stated that no business activity, including stablecoin issuance, will commence until all necessary permits, including final OCC approval, have been fully secured.
As the federal agency that oversees national banks and trust institutions, the OCC’s conditional approval marks more than just the expansion of a Tokyo-based financial giant. It also signals a new phase in which major corporate players seek to enter the US regulated stablecoin market.
Sony has previously explored entering the stablecoin sector. In December 2025, the company partnered with California-based Bastion Platforms to manage token issuance, custody, and reserve management. However, securing a national trust license would allow Sony to take a more direct role in the stablecoin ecosystem.
Roman Goldstein, an executive at Klaros Group and former OCC regulator, emphasized that this license positions Sony as a direct stablecoin issuer on the official record, enabling direct engagement with regulators.
Through this structure, Sony aims to consolidate issuance, custody, transfer, and redemption processes under a single federal supervisory framework. The company is also considering using dollar tokens for treasury operations, cross-border payments, and in-app purchases across gaming, anime, film, and music products. Reducing transaction costs paid to card networks is among the key objectives.
The application process has faced criticism from segments of the US banking community and consumer advocates. The Bank Policy Institute argued that the proposed structure could blur the longstanding line separating commercial and banking activities. The Independent Community Bankers of America warned that lack of deposit insurance in a trust arrangement could expose customers to heightened risk in the event of a collapse.
Similarly, the National Community Reinvestment Coalition voiced concerns that digital asset firms could obtain federal status without being held to the same public obligations as banks. Nonetheless, the OCC has proceeded based on its current legal interpretation. There are also indications that regulators may require Sony’s US unit to appoint a dedicated, full-time chief financial officer.
For Connectia Trust to begin issuing stablecoins, it must first obtain final approval from the OCC and complete evaluation by Japanese regulators. Furthermore, Sony has yet to announce the executive who will lead the new entity. Reaching the 2027 launch timeline will depend on timely clearance of all regulatory processes.
Industry observers view Sony’s application as a test case for how much non-financial corporations can penetrate the US ecosystem for dollar-backed tokens. Following companies like Circle, Ripple, and Paxos—each previously granted trust licenses—Sony’s entry underscores that competition in the stablecoin market now extends beyond crypto-native firms.
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