Sony Bank gains conditional US approval for stablecoin trust unit

Sony Bank has received conditional approval from the US Office of the Comptroller of the Currency to create a national trust bank subsidiary for a dollar-denominated stablecoin business. The Japanese bank said the planned unit, Connectia Trust, will be wholly owned and capitalized with $40 million.

The approval gives Sony Bank a regulated path to build a US trust banking entity, although the group said the subsidiary cannot begin operations or issue stablecoins until all required approvals are in place, including final clearance from the OCC. Sony Bank said Connectia Trust is expected to open for business in 2027.

Sony Bank, part of the Sony group, said it plans to establish Connectia Trust this month and continue preparations for the start of business. The unit is intended to issue and manage a stablecoin denominated in US dollars.

A stablecoin is a digital token structured to track the value of a reference asset, in this case the dollar. For a bank-sponsored stablecoin, the issuer and manager are central to the product’s credibility because they handle issuance, redemption and related controls under the applicable regulatory framework.

Sony Bank said the proposed trust subsidiary is intended to support a medium- to long-term business base for Sony Financial Group’s digital asset activities. The bank added that no business activity, including stablecoin issuance, will take place until the remaining authorizations have been secured.

The plan follows Sony Bank’s earlier statement in December that it was preparing a dollar-pegged stablecoin for payments tied to Sony content, including games and movies. That proposal would place the token inside the broader Sony commercial ecosystem, where digital content purchases already form a significant part of the group’s consumer offering.

Sony Bank has also brought in Bastion, described by the bank as a financial institution focused on regulated stablecoin services, to help introduce the product next year. The bank did not disclose further commercial terms for that arrangement.

The OCC approval is conditional, which means it is not the final regulatory step. Conditional approvals typically allow an institution to proceed with organization and preparation while regulators require further actions before the entity can operate. Sony Bank’s own statement made clear that Connectia Trust must obtain final approval and any other necessary authorizations before it conducts business.

The planned structure would put Sony Bank’s stablecoin activity through a dedicated US national trust bank subsidiary rather than through the Japanese parent directly. That structure may be relevant for a dollar-based token because issuance and management would occur under a US-chartered trust entity, subject to the conditions imposed by the OCC.

This story draws on original reporting from Finextra Research.