Sony Bank Gets OCC Nod for Stablecoin Trust, Targets 2027

Sony Bank received conditional approval from the U.S. Office of the Comptroller of the Currency to set up Connectia Trust, a national trust bank for digital assets. The trust will issue a U.S. dollar-backed stablecoin, Sony Bank said. Connectia Trust launches this month with $40 million in initial capital.

The stablecoin will peg 1:1 to the dollar and serve payments across Sony's ecosystem for video games, anime, and digital entertainment. American customers will be the first users, according to earlier reports from the company.

National trust bank charters let companies hold digital assets in custody and issue stablecoins under federal regulation. They cannot take cash deposits or make commercial loans. Sony expects Connectia Trust to start operating in 2027 after final OCC sign-off.

The approval places Sony alongside several digital asset firms pursuing federal trust charters. Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos all received conditional approvals previously. Peter Thiel-backed Augustus also secured one this year for a bank focused on AI payments and stablecoin settlement.

The OCC's charter approvals have drawn political attention. Senator Elizabeth Warren has argued the regulator granted charters to companies that do not satisfy the National Bank Act's requirements. The criticism is unlikely to stop the approvals. It could slow the final sign-off for some applicants.

Sony has not yet appointed a CEO for Connectia Trust. The trust aims to begin operations in 2027, pending final OCC approval.