Sony Bank gets preliminary OCC approval for dollar stablecoins

Sony Bank received preliminary approval from the Office of the Comptroller of the Currency on July 2 to establish Connectia Trust, National Association, a US national trust bank that will issue and manage US dollar-denominated stablecoins. The unit is intended to be fully owned by Sony Bank and is backed by $40 million in initial capital.

Sony Financial Group said the trust will not begin business activities or stablecoin issuance until it secures all required authorizations, including final OCC approval. The company intends to launch the subsidiary this month, subject to those final clearances.

Sony Financial Group provided the $40 million in starting capital for the venture and confirmed the proposed entity’s name and ownership structure in its announcement. Sony Bank previously signed a memorandum of understanding in March with JPYC Inc., a yen-pegged stablecoin issuer, to study whether a yen stablecoin could connect more directly to the bank’s deposit rails.

Sony Bank did not provide further operational details and did not respond to requests for comment by publication time.

Several large banks are pursuing ways to integrate stablecoin infrastructure with traditional banking services. One recent project allows institutions to mint and redeem a major dollar-backed stablecoin through a bank-led onboarding process, enabling clients to use the bank’s platform rather than opening separate accounts with the stablecoin issuer.

Regulatory uncertainty in the United States remains a factor for banks and crypto firms. The proposed CLARITY Act, a legislative effort to set federal rules for digital assets, cleared the Senate Banking Committee in May but has drawn criticism from some Democrats and parts of the banking industry over how it would treat yield-bearing stablecoin products. The bill is scheduled for a House hearing on July 17, and analysts warned it may face timing challenges before the Senate’s planned recess in early August.

JPMorgan CEO Jamie Dimon warned that banks will “fight” the current version of the CLARITY Act and suggested crypto firms seeking to offer yield-bearing products should “apply for banking charters.” Market participants and advocacy groups continue to press lawmakers for clearer rules for tokenized payment rails and institutional use of stablecoins.

If final regulatory approvals are granted, Sony’s federally chartered trust bank would enable a major non‑US technology conglomerate to issue regulated dollar-denominated stablecoins in the United States. Sony has committed to waiting for all required clearances before commencing operations.