- Sony Bank received preliminary approval from the OCC to establish a US trust bank subsidiary.
- The new unit, Connectia Trust, will issue and manage US dollar-denominated stablecoins.
- Sony Financial Group is backing the venture with $40 million in starting capital.
- The project will not launch until final approval is obtained, with operations planned for July.
- Banks like Standard Chartered and Circle are also advancing stablecoin integrations.
Sony Bank, a subsidiary of Sony Financial Group, announced on Monday it received preliminary approval from the Office of the Comptroller of the Currency (OCC) to establish a new US national trust bank subsidiary dedicated to issuing US dollar-denominated stablecoins. The new unit, Connectia Trust, gained this preliminary nod on July 1, and the conglomerate plans to launch it this month.
Sony Financial Group is backing this long-term digital asset foundation with $40 million in starting capital. However, no business activities or stablecoin issuance will begin until all final approvals are received, including the OCC’s formal authorization.
More of the world’s biggest banks are seeking stablecoin integrations despite regulatory headwinds. Last Thursday, British multinational bank Standard Chartered and USDC issuer Circle said they developed a system letting institutions mint and redeem the USDC stablecoin through a bank-led onboarding process.
Meanwhile, progress on the first US regulatory framework for digital assets, the CLARITY Act, remains stalled in Congress. Galaxy Digital cut its odds of the bill becoming law in 2026 to 50%, as the legislation may not have enough floor time before the Senate recess on August 8.
The bill cleared the Senate Banking Committee in May but faced pushback from most Democrats and the banking industry over concerns it would allow crypto firms to offer yields on stablecoins without facing the same requirements as traditional financial institutions. JPMorgan CEO Jamie Dimon told Fox Business that banks will continue to “fight” against the current version of the Act.
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