Japan's Sony Bank Wins US Stablecoin Approval

OCC Grants Conditional Charter to Sony Bank's US Subsidiary

Sony Bank, the online banking arm of Sony Financial Group, has secured preliminary conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish a national trust bank subsidiary in the United States. The new entity, Connectia Trust, is set for formation this month and will be capitalised at $40 million.

Connectia Trust plans to focus primarily on dollar-backed stablecoin issuance and reserve maintenance, as well as stablecoin custody services, certain transactional services for custody customers, and fiduciary asset management services. The licence application is intended for businesses such as issuing and operating stablecoins in the United States, and not for conducting conventional banking activities such as taking deposits, making loans, or handling payments.

According to FS Vector's Evey Guo, "the charter will allow Sony to bring the entire stablecoin lifecycle in-house under a single federal regulator rather than relying on a third party's state trust charter and patchwork of state money transmitter licenses."

Path to Launch and Sony's Broader Digital Ambitions

Sony Bank noted that the OCC's preliminary conditional approval is part of the regulator's prescribed review process and does not guarantee either the timing of the business launch or the issuance of a stablecoin at this stage. Before commencing operations, Connectia Trust must satisfy certain regulatory conditions, including capitalisation and pre-opening examination requirements. Final regulatory approval is not expected until 2027.

The initiative follows a partnership with US-based Bastion Platforms announced in December 2025, and represents a concrete step toward that collaboration. Bastion, which is also pursuing a national trust charter from the OCC through a conversion application, will manage issuance, reserve management, and custody for Sony's US dollar-backed stablecoin.

The bank aims to support Sony Group companies' US business development from the financial side and contribute to creators and fan communities through services suited to the digital era. The initiative is designed to build a mid-to-long-term foundation for the group's digital asset business, with the impact on consolidated results for the fiscal year ending March 2027 expected to be minimal.

The preliminary conditional approval follows increased interest among financial institutions and digital asset firms in national trust charters as a potential framework for regulated stablecoin issuance and related crypto activities.

Sources:
American Banker: Sony gets conditional approval to establish US trust bank
Banking Dive: Sony receives OCC's conditional approval for trust charter
Sidley Austin LLP: Sony Bank OCC Preliminary Conditional Approval