Sony Bank Receives Approval to Issue US Stablecoins

Sony Bank, a subsidiary of Sony Financial Group, has received preliminary approval to establish a US national trust bank subsidiary focused on issuing and managing US dollar-denominated stablecoins. The new entity, Connectia Trust, National Association, received conditional approval from the Office of the Comptroller of the Currency (OCC) on July 2, according to an announcement published Monday by Sony Financial Group.

Connectia Trust will be wholly owned by Sony Bank and is intended to form part of the group’s long-term digital asset strategy. Sony is supporting the subsidiary with $40 million in initial capital. However, Sony Bank said the new unit will not begin operating or issuing stablecoins until it obtains all necessary approvals, including final authorization from the OCC. The group plans to formally establish the subsidiary this month.

It remains unclear whether Connectia Trust will issue a proprietary Sony-branded stablecoin. Sony Bank did not respond to a request for further details before publication. Earlier in March, the bank signed a memorandum of understanding with JPYC Inc. to explore connecting the Japanese yen-backed JPYC stablecoin more directly with Sony Bank’s deposit infrastructure.

Banks expand stablecoin infrastructure

Sony’s move comes as major financial institutions increasingly explore ways to integrate stablecoins into established banking systems, despite continuing regulatory uncertainty in the United States. Last Thursday, Standard Chartered and USDC issuer Circle announced a system that would allow institutional clients to mint and redeem USDC directly through the bank’s onboarding and compliance framework. The service would remove the need for clients to open separate accounts with Circle.

The development reflects growing competition among banks, stablecoin issuers and digital asset companies to control how regulated institutions access and use blockchain-based payment infrastructure.

US crypto legislation faces delays

Progress on the CLARITY Act, which is intended to establish the first broad US regulatory framework for digital assets, remains uncertain. Galaxy Digital recently reduced its estimated probability of the bill becoming law in 2026 to 50%. Although the legislation is scheduled for a House of Representatives hearing on July 17, Galaxy head of research Alex Thorn warned that Congress may not have enough time to advance it before the Senate begins its four-week recess on Aug. 8.

The bill passed the Senate Banking Committee in May but faced opposition from most Democrats and parts of the banking industry. Critics argued that it could allow crypto companies to offer stablecoin yields without meeting the same regulatory requirements imposed on traditional financial institutions.

More than 200 crypto companies and industry groups urged the Senate to approve the legislation in early June through a letter shared by advocacy organization Stand With Crypto. JPMorgan CEO Jamie Dimon also criticized the current proposal in May, saying banks would continue to “fight” it and that crypto companies seeking to offer yield-bearing products “should apply for banking charters.”

Sources:

https://contents.xj-storage.jp/xcontents/AS03447/e3cff34e/c195/4974/886b/7e1836a2f7c0/140120260706588168.pdf

https://cointelegraph.com/news/sony-bank-preliminary-approval-us-stablecoin-business