Sony Bank has received preliminary conditional approval from the Office of the Comptroller of the Currency to establish a national trust bank subsidiary for dollar-denominated stablecoins. The New York-based unit, named Connectia Trust, will be fully owned by Sony Bank and capitalized with $40 million.
The approval allows Sony Bank to move forward with plans to issue and manage stablecoins, though operations cannot begin until final regulatory clearances are obtained. The subsidiary will remain on hold as US regulators develop a broader federal framework under the GENIUS Act.
This step follows Sony Bank's earlier interest in stablecoins for payments in games and anime. The move comes amid rising stablecoin activity, with dollar-pegged tokens dominating the market.
Other firms including Paxos, Circle Internet and Stripe-owned Bridge have also secured similar conditional approvals for trust bank structures.
