OCC Clears Sony Bank for Stablecoin Trust, Sets 2027 Target

Sony Bank received conditional approval from the U.S. Office of the Comptroller of the Currency on July 7 to open a national trust bank built for a dollar stablecoin business. The new subsidiary, Connectia Trust, National Association, will operate under Sony Financial Group with $40 million in capital, roughly 6.4 billion yen.

Connectia is not a full bank. It cannot take deposits, make loans, or process traditional payments. Its charter limits the unit to stablecoin issuance, reserve asset maintenance, non-fiduciary digital asset custody, and fiduciary management for Sony affiliates. That narrow lane keeps Sony out of deposit insurance and prudential rules attached to a standard banking license. It also places the business under one federal regulator instead of a state-level patchwork.

Sony filed the original application in October 2025. The OCC’s conditional approval is a preliminary step. Final clearance depends on additional OCC review and sign-off from Japanese regulators. Sony Bank has set 2027 as its target for commercial operations. No stablecoin activity will begin until every required approval is in place.

Sony will lean on Bastion Platforms for the technical backbone. Announced in December 2025, the partnership covers issuance, redemption, reserve management, and custody. Bastion holds a New York trust charter and is separately pursuing its own OCC national trust conversion. Sony Innovation Fund has invested in Bastion, tying the two companies together beyond the operating agreement.

The application drew opposition. The Independent Community Bankers of America filed a letter in November 2025 arguing that a trust bank model built for a tech conglomerate stretches the line between banking and commerce. The OCC proceeded anyway, treating stablecoin issuance and custody as activities already within permissible national bank powers. The agency’s conditional approval leaves room for added conditions, including a standalone chief financial officer for the U.S. entity.

Sony’s plan sits inside the framework created by the GENIUS Act, signed in July 2025. The law mandates 1:1 reserve backing with cash, insured deposits, short-term Treasuries, or qualifying money market funds, along with audit and sanctions compliance rules. That regime gives Sony a defined path toward federal qualified issuer status, something not available under Japan’s more limited domestic stablecoin rules.

Sony’s U.S. business generates more than 30% of the parent company’s external sales. Games, anime, streaming subscriptions, and other digital content move through credit card networks today. A branded stablecoin lets Sony route some of that volume around card fees. The company has pointed to Playstation purchases, anime and streaming subscriptions, and cross-border treasury use as early targets.

Because Connectia’s capital exceeds 10% of Sony Financial Group’s own capital, Japanese rules classify it as a specified subsidiary. Sony has said the near-term financial impact on consolidated results through March 2027 should stay minor.

Sony’s entry fits a pattern of large consumer brands seeking stablecoin issuance under the GENIUS Act instead of partnering exclusively with existing issuers like Circle or Tether. A national trust charter gives Sony direct control over reserve income and compliance timelines. The company’s approach – regulatory approval before product launch – sets a cautious pace. Still, commercial operations remain more than a year away.

Follow the full timeline on the Sony Bank Gets OCC Nod for Stablecoin Trust, Targets 2027 page.