Sony Bank Secures Preliminary Approval for US Stablecoin Business
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