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OCC conditionally approves Sony Bank trust for dollar-backed stablecoin
The preliminary approval for Connectia Trust outlines a permissioned, closed-loop network and remains subject to pre-opening requirements and final regulators sign-off, with a potential 2027 opening that is not guaranteed.
CryptoSlate reports the U.S. Office of the Comptroller of the Currency granted preliminary conditional approval for a proposed Sony Bank-owned trust, Connectia Trust.
The OCC filing describes a dollar-backed stablecoin with reserve backing, custody, and transfers that would run on a permissioned, restricted closed-loop network for defined customers, including U.S. retail users already connected to Sony Group and its subsidiaries.
While the broader crypto conversation has tied the proposal to PlayStation features, the approval does not name PlayStation, the PlayStation Store, or game purchases, and it also does not commit to any specific consumer service using the network.
CryptoSlate also notes that Connectia Trust has not cleared all regulatory steps, as it cannot start operations until it meets pre-opening requirements and receives final approval, with Sony Bank indicating it is preparing for a possible 2027 opening subject to required approvals.