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The post Sony Bank secures conditional OCC approval for U.S. stablecoin trust bank appeared on BitcoinEthereumNews.com. Technology giant Sony’s online banking unit said it received conditional approval to establish a U.S. national trust bank subsidiary to support the issuance and management of dollar-denominated stablecoins. The planned unit, Connectia Trust, National Association, will be based in New York and capitalized with $40 million, according to a Sony Financial Group announcement. Sony Bank will own 100% of the subsidiary. The move comes as stablecoin usage is surging. Transaction volume hit a $1.79 trillion record last month, 63% more than in May and more than double the year-earlier level, according to Visa’s onchain dashboard. With dollar-pegged tokens accounting for more than 99% of the total $311 billon market capitalization, according to DeFiLlama data, it may be a difficult market to crack. Not only do market leaders USDT and USDC alone account for about $250 billion of
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The post Sony Bank Wins OCC Approval to Launch US Dollar Stablecoin via $40M Trust Unit appeared on BitcoinEthereumNews.com. Crypto News Sony Bank, the internet-banking arm of Japan’s Sony Financial Group, has secured preliminary conditional approval from the United States Office of the Comptroller of the Currency (OCC) to form a national trust bank subsidiary built to issue and operate a US dollar stablecoin. The clearance, disclosed on July 7 local time, is a procedural milestone rather than a final license. Our reading of the filing is deliberately narrow in scope: the OCC approval covers only the chartering pathway, not live issuance. Sony Bank confirmed it will not mint or circulate any token until every remaining authorization is granted, positioning the move as the opening step in a longer regulatory process. The new entity will be named Connectia Trust, National Association, and it is structured as a special-purpose trust bank rather than a conventional lender. According to the
Sony Bank wins conditional OCC approval for Connectia Trust, a $40M national trust bank set to issue a dollar-backed stablecoin by 2027. The post Sony Approved to Launch Sony Stablecoin appeared first on 99Bitcoins.
The post Sony Bank Secures Preliminary Approval for US Stablecoin Business appeared on BitcoinEthereumNews.com. Sony Bank, a subsidiary of Sony Financial Group, said it’s received preliminary approval to establish a new US national trust bank subsidiary that will issue US dollar-denominated stablecoins. The new unit, Connectia Trust, National Association, gained preliminary approval from the Office of the Comptroller of the Currency (OCC) on July 2. It will be fully owned by Sony Bank and will support the issuance and management of US dollar-denominated stablecoins, according to a Monday announcement by Sony Financial Group. The approval signals Sony’s entry into regulated US stablecoin issuance, part of a long-term digital asset business foundation, which it is backing with $40 million in starting capital. Sony Bank said that no business activities or stablecoin issuance will be conducted until all approvals and authorizations are received, including the final approval from the OCC. T
Sony Bank received preliminary approval from the Office of the Comptroller of the Currency to establish a US stablecoin issuance business, with $40 million in starting capital.
The post Sony Bank Clears OCC Hurdle for Dollar Stablecoin appeared on BitcoinEthereumNews.com. In brief 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. Sony Bank has secured conditional approval from the U.S. 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 in a statement dated July 6. The unit would issue and manage a dollar-denominated stablecoin, and is exp
The lender's new US subsidiary, Connectia Trust, would issue a dollar-pegged stablecoin once it clears the regulator's final conditions.
The post Sony Bank Stablecoin Approval Marks Key Regulatory Milestone appeared on BitcoinEthereumNews.com. Sony Bank’s conditional OCC approval to establish a US dollar-backed stablecoin trust bank marks one of the more consequential moves a major Japanese financial institution has made into American digital asset infrastructure. On July 6, Sony Bank confirmed it had received conditional approval from the U.S. Office of the Comptroller of the Currency to charter a wholly owned national trust bank called Connectia Trust, with the explicit goal of issuing a stablecoin pegged 1:1 to the U.S. dollar. Key takeaways Sony Bank received conditional OCC approval on July 6 to establish Connectia Trust, a national trust bank subsidiary in the U.S. Connectia Trust plans to issue a US dollar-backed stablecoin for payments across Sony’s digital ecosystem, including video games, anime, and subscriptions. Sony Bank will capitalize Connectia Trust with $40 million; operations are targeted to begin in 2
