Key Takeaways
Sony Bank received preliminary conditional OCC approval to form Connectia Trust, a New York national trust bank for dollar stablecoin issuance, reserves and custody.
The subsidiary will be fully owned by Sony Bank and capitalized with $40 million, and it cannot operate until final regulatory approvals arrive.
Sony joins Stripe's Bridge, Paxos and Circle in the wave of conditional federal trust charters as GENIUS Act stablecoin rules take shape.
Sony is heading into the US stablecoin business. The Office of the Comptroller of the Currency granted Sony Bank preliminary conditional approval to establish Connectia Trust, National Association, a New York-based national trust bank that would issue and manage dollar-denominated stablecoins, according to a Sony Financial Group announcement reported by CoinDesk on July 9.
What the Connectia Trust charter covers
Sony Bank will own 100 percent of the subsidiary and capitalize it with $40 million. The charter covers stablecoin issuance and reserve maintenance along with custody and fiduciary asset management, according to the announcement and Sidley Austin, Sony Bank's counsel on the application. Connectia cannot open for business, including issuing any token, until it clears final OCC approval and its remaining required sign-offs.
Why Sony wants a stablecoin bank now
The timing tracks the market. Stablecoin transaction volume hit a record $1.79 trillion in June per Visa's onchain dashboard, more than double the level a year earlier, while dollar-pegged tokens make up over 99 percent of a $311 billion market tracked by DeFiLlama. Tether's USDT and Circle's USDC hold roughly $250 billion of that between them, which is the mountain any new issuer has to climb. Sony Bank first signaled a US dollar stablecoin in late 2025, when Nikkei reported plans for a token usable across games and anime payments.
The notable part is who is getting charters now. Stripe's Bridge, Paxos and Circle already hold conditional OCC approvals for trust banks tied to stablecoin businesses, and the GENIUS Act gave issuers a federal framework to build against. A consumer electronics giant seeking a US banking charter to issue digital dollars would have sounded strange three years ago. It reads as ordinary now, and that is the story. The regulated rails keep filling in, from the SEC's pending Regulation Crypto proposal to Ripple's full MiCA license in Europe.
People Also Ask
What is Connectia Trust?
Connectia Trust, National Association is a planned New York-based national trust bank, fully owned by Sony Bank, that would issue and manage dollar-denominated stablecoins and provide custody and fiduciary services once it receives final regulatory approvals.
Can Sony issue a stablecoin now?
No. The OCC approval is preliminary and conditional, and Sony Financial said operations, including stablecoin issuance, will not begin until Connectia Trust receives all required approvals, including final OCC approval.
What is the GENIUS Act?
The GENIUS Act is the 2025 US federal law that created a comprehensive regulatory framework for payment stablecoins, covering reserves, oversight, and who may issue dollar-backed tokens. Federal agencies are finalizing its implementing rules now.
Why are companies applying for OCC trust bank charters?
A national trust charter puts a stablecoin issuer under federal banking supervision, which signals credibility, allows nationwide operation, and aligns reserve custody with the requirements taking shape under the GENIUS Act. Stripe's Bridge, Paxos and Circle have all received conditional approvals.