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Sony Bank receives preliminary OCC approval for US stablecoin unit
Sony Financial Group said the planned Connectia Trust, National Association will be backed with $40 million in starting capital and will not begin issuance until final OCC approvals are in place.
Cointelegraph reports that Sony Bank has received preliminary approval from the US Office of the Comptroller of the Currency to set up a regulated stablecoin issuance business. The approval covers plans for a new US national trust bank subsidiary that will issue US dollar-denominated stablecoins, part of Sony Financial Group's long-term digital asset strategy.
According to Sony Financial Group, the new unit, Connectia Trust, National Association, would be fully owned by Sony Bank and obtained preliminary approval from the OCC on July 2. Sony said it will use $40 million in starting capital to back the venture.
Sony Bank also said it will not conduct any business activity, including stablecoin issuance, until it receives all required approvals and authorizations, including final approval from the OCC. The company plans to launch the stablecoin subsidiary this month.
Cointelegraph adds that Sony Bank previously signed a memorandum of understanding in March with stablecoin issuer JPYC Inc. to study whether a Japanese yen-pegged stablecoin could be connected more directly to the bank's deposit rails. The report notes that other banks have been working to integrate stablecoin infrastructure into traditional systems despite regulatory headwinds in the US.