July 9 (Crypto-News.Net) – Sony Bank stablecoin plans advanced after the Office of the Comptroller of the Currency approved Connectia Trust, National Association’s charter application for a U.S. national trust bank subsidiary.
Key Takeaways
- OCC records show Connectia Trust’s charter application was approved July 2.
- Sony Financial Group said the trust is planned for dollar stablecoin activities.
- Sony Bank stablecoin issuance will not begin until final approvals are obtained, the company said.
The OCC’s Corporate Applications Search database lists Connectia Trust’s filing status as approved, with a July 2 action date, a proposed charter number of 25392, and a proposed headquarters address at 25 Madison Avenue in New York.
The OCC action follows broader agency guidance on bank crypto activity. Crypto-News.Net reported in March that the OCC had cleared national banks and federal savings associations for crypto custody, stablecoin and blockchain activities.
Sony Bank stablecoin trust plans U.S. subsidiary
Sony Financial Group said its board resolved on July 6 that Sony Bank Inc., a consolidated subsidiary, will establish Connectia Trust in the United States. The company said the trust subsidiary is being formed in preparation for businesses related to the issuance and management of U.S. dollar-denominated stablecoins in the United States.
Sony Financial Group listed Connectia Trust’s planned capital at $40 million, or about 6.4 billion Japanese yen, using an exchange rate of 160 yen per dollar. The company said Sony Bank will own 100% of the subsidiary and that establishment is planned for July 2026.
The company said Sony Bank obtained conditional approval from the OCC as part of the agency’s review process. It also said no business activities, including stablecoin issuance, will be conducted until all approvals and authorizations, including OCC final approval, have been obtained.
Sidley says preopening conditions remain
Sidley Austin said it represented Sony Bank in securing preliminary conditional approval from the OCC for the formation of Connectia Trust. The law firm described Connectia Trust as a New York-based national trust bank owned by Sony Bank.
Sidley said Connectia Trust plans to focus primarily on dollar-backed stablecoin issuance and reserve maintenance. Sidley said the trust also plans to provide stablecoin custody and related customer services.
Before commencing operations, Connectia Trust must satisfy regulatory conditions, including capitalization and preopening examination requirements, according to Sidley.
Banking trade groups and consumer advocates opposed the application after it became public in 2025, Banking Dive reported. The outlet cited objections from groups including the National Community Reinvestment Coalition, the Bank Policy Institute, and the Independent Community Bankers of America over national trust charters for stablecoin issuers.
Reporting by Zoran Spirkovski, Editing by Zoran Spirkovski
Sources
- OCC Corporate Applications Search – Connectia Trust filing status, application type, action date, proposed charter number, and headquarters address.
- Sony Financial Group Inc. – Sony Bank relationship, planned subsidiary, stablecoin business purpose, capitalization, ownership, and final approval caveat.
- Sidley Austin LLP – Sony Bank representation, preliminary conditional approval, planned stablecoin-related services, and preopening conditions.
- Banking Dive – Opposition and banking trade group context.
