The Japan-based financial institution this week announced it had a tentative green light from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank.
The new business, known as Connectia Trust, National Association, will be capitalized with $40 million, with Sony Bank owning 100% of the subsidiary, the announcement said.
Sony said the bank is being established “in preparation for the commercialization of businesses related to the issuance and management of U.S. dollar‑denominated stablecoins in the United States.”
“The establishment of this trust subsidiary is intended to contribute to the development of a medium to long‑term business foundation for the Sony Financial Group’s digital asset businesses,” the announcement added.
The news follows a report last year by Japan’s Nikkei that Sony had applied to the OCC for a U.S. banking license.
That report said the company expected its U.S. customers who play its video games and consume its other content will use stablecoins to pay for subscriptions, giving Sony a way to offset the fees paid to credit card companies.
In other news from the intersection of stablecoins and banking, PYMNTS wrote earlier this week about a pair of legal developments which “underscore that when it comes to crypto, stablecoins and blockchain finance, trust is being reinserted at the points where assets become bankable.”
First is New York’s UCC Revision Act, which went into effect last month and establishes a clearer commercial law framework for digital assets by introducing controllable electronic records and equating “control” and possession for certain digital collateral.
“Before the change, lenders taking crypto or other digital assets as collateral faced uncertainty over perfection, priority and enforceability,” the report said. “The new Article 12 introduces controllable electronic records, while amended Article 9 adds categories such as controllable accounts and controllable payment intangibles to reduce ambiguity for lenders.”
Also in June, FinCEN and federal banking regulators proposed customer identification program rules (KYC and KYB) for permitted payment stablecoin issuers under the GENIUS Act which would place formal CIP (Customer Identification Program) obligations on nonbank issuers.
“For banks, FinTechs, payment firms and stablecoin issuers, the new question is not whether crypto can operate outside the banking system,” PYMNTS wrote. “It is whether digital assets can become bankable enough to move through it.”
