Sony Bank has received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish Connectia Trust, a national trust bank subsidiary aimed at issuing and managing dollar-denominated stablecoins, with a launch targeted for 2027. The approval marks a significant step for the company as it expands into the digital currency space, joining competitors like Circle, Ripple, and Paxos in the race for U.S. trust charters.
The OCC’s decision allows Sony Bank to move forward with its stablecoin plans, although it does not grant full permission to conduct business immediately. The newly formed entity, Connectia Trust, will operate with an initial capital of $40 million, approximately ¥6.4 billion. Sony stated that no transactions will take place until it secures all necessary approvals from the OCC.
The decision has raised concerns among banking groups and consumer advocates, who argue that the structure could allow stablecoin issuers to gain bank-like status without facing the same regulatory obligations as traditional banks. The approval signals a shift towards greater involvement of major corporations in the digital currency sector, moving beyond cryptocurrency companies.
Roman Goldstein, a director at the Klaros Group and former OCC regulator, referred to the Sony initiative as the “first commercial-conglomerate ecosystem bank.” This reflects a broader trend of financial institutions, including Morgan Stanley, pursuing similar licensing arrangements for digital asset ventures.
Sony Bank initially partnered with Bastion Platforms in December 2025 to enter the stablecoin market. Bastion is expected to become the issuer and custodian of the token. However, with the OCC’s approval, Sony’s role changes, allowing it to be the “issuer of record,” which facilitates direct communication with regulators and enhances its compliance capabilities.
Evey Guo, a principal at FS Vector, noted that obtaining the federal charter enables Sony to “control their own destiny.” This development positions Sony to benefit from income generated by reserve assets and aligns it with the requirements of the GENIUS Act, potentially mitigating regulatory risks associated with relying on another company’s license.
Until all necessary authorizations are secured, Sony has emphasized that it will not engage in any business activities related to stablecoin issuance. The company stated, “Until all approvals and other authorizations, including the OCC’s final approval, have been obtained, no business activities, including the issuance of stablecoins, will be conducted.”
