Sony Bank wins conditional OCC approval for US dollar stablecoin trust bank

Sony Bank has secured conditional approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, moving it closer to issuing a U.S. dollar-backed stablecoin through a new American subsidiary.

According to a July 6 statement from Sony Bank, the Japanese lender plans to establish Connectia Trust this month as a wholly owned subsidiary with $40 million in capital. The entity is expected to issue and manage a dollar-denominated stablecoin once it receives final regulatory approval.

Connectia Trust is scheduled to begin operations in 2027, the bank said, while adding that the new subsidiary is intended to support the long-term growth of Sony Financial Group’s digital asset business. Sony Bank has not yet named a representative for the trust company.

The approval advances plans Sony first outlined last year when it applied to the OCC for a national trust bank charter through Connectia Trust. At the time, Sony said the proposed stablecoin would be pegged 1:1 to the U.S. dollar and used by American customers to pay for video games, anime, subscriptions and other digital content across its ecosystem, according to previous comments reported by Nikkei.

International Business Times reported that Connectia Trust is expected to launch in 2027, subject to final regulatory clearance.

The OCC’s conditional approval does not authorize Sony to begin operations immediately. Like other applicants, Connectia Trust must satisfy the regulator’s remaining conditions before opening as a national trust bank.

OCC trust charters remain under scrutiny

Sony’s approval comes as more digital asset firms pursue federal trust bank status in the United States. Last year, the OCC granted conditional approvals to firms including Ripple, Circle, BitGo, Fidelity Digital Assets and Paxos, while Peter Thiel-backed Augustus also received conditional approval this year to establish a full-service national bank focused on AI-powered payments and stablecoin settlement.

A national trust charter allows firms to provide services such as digital asset custody, reserve management and stablecoin issuance under federal supervision, although trust banks cannot accept cash deposits or make loans.

The OCC’s approach has continued to draw political criticism. Senator Elizabeth Warren has argued that the regulator has “improperly” granted national trust charters to companies she believes do not qualify under the National Bank Act.