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Sony Bank set to create U.S. stablecoin trust bank
Sony’s New York unit, Connectia Trust, will be capitalized with $40 million, and it cannot begin stablecoin issuance until final OCC approval is received.
CoinDesk reports Sony Bank received preliminary, conditional approval from the U.S. Office of the Comptroller of the Currency to form Connectia Trust, a U.S. subsidiary focused on managing dollar-denominated stablecoins.
The planned New York-based unit, which Sony Bank will fully own, is expected to be capitalized with $40 million to support stablecoin operations, but those activities are on hold until all required approvals are finalized, including OCC authorization.
Sony said it will not start operations such as stablecoin issuance until it receives final approval from the OCC as the U.S. develops a federal stablecoin framework, and it noted the conditional approval does not guarantee a launch timeline.
The announcement arrives as stablecoin activity continues to expand, with Visa’s onchain dashboard citing $1.79 trillion in transaction volume last month, and DeFiLlama data showing dollar-pegged tokens make up more than 99% of the $311 billion total market capitalization.