In December, the OCC conditionally approved Circle, Ripple, BitGo, Fidelity Digital Assets and Paxos
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
◎ Multiple-sources
Sony's bid has already faced pushback.
Key facts
- The lender plans to set up a wholly owned subsidiary, Connectia Trust, this month with $40 million in capital, it said dated July 6
- It also dovetails with Sony's wider crypto strategy: the company launched an Ethereum layer-2 network, Soneium, in early 2025, on which its blockchain partner Startale rolled out a separate dollar
- In December, the OCC conditionally approved Circle, Ripple, BitGo, Fidelity Digital Assets and Paxos, and applications have kept coming, including one from Trump-linked World Liberty Financial
- For now, Connectia Trust is a plan on paper: the conditional nod does not let Sony open for business, and the bank must satisfy the OCC's outstanding conditions before its token can launch, currently
Summary
Japan's Sony Bank has won conditional approval from the U.S. Office of the Comptroller of the Currency to set up a national trust bank, Connectia Trust, to issue a dollar-backed stablecoin. The subsidiary will be established this month with $40 million in capital and is expected to begin operations in 2027, pending final approval. Sony envisions U.S. customers using the token to pay for video games, anime and subscriptions across its ecosystem. Office of the Comptroller of the Currency to establish a national trust bank, moving Japan's Sony Financial Group closer to issuing its own dollar-backed stablecoin. The lender plans to set up a wholly owned subsidiary, Connectia Trust, this month with $40 million in capital, it said dated July 6.