Sony Bank has received conditional approval from U.S. regulators to issue U.S. dollar stablecoins th

Sony Bank has received conditional approval from U.S. regulators to issue U.S. stable currencies through the New Trust Company.

Sony Bank, an online lending institution under Sony Financial Group, has obtained conditional preliminary approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank specializing in issuing and managing U.S. stable currencies. The new subsidiary, called Connectia Trust, will focus on issuing and overseeing stablecoins pegged to the U.S. dollar.

Approval Scope and Time Node

This approval does not authorize Connectia Trust to conduct business immediately. The OCC granted a temporary and conditional license to Sony Bank pending final regulatory approval. Sony Bank will invest an initial capital of $40 million in Connectia Trust and plans to put the company into operation by 2027.

Connectia Trust\'s application does not include traditional banking services such as deposit taking, loan or payment processing. The sole purpose of the trust structure is to issue and manage stablecoins pegged to the United States dollar under supervision.

The company stated that it will not conduct any business activities, including stablecoin issuance, until it has obtained all necessary licenses, including final approval from the OCC.

As the federal agency that oversees banks and trusts across the country, the OCC\'s conditional approval not only marks an expansion for the Tokyo financial giant, but also heralds a new stage for major corporate players seeking to enter the U.S. regulated stablecoin market.

Sony\'s goal: to become a direct publisher

Sony has previously explored entering the stablecoin field. In December 2025, the company partnered with California-based Bastion Platforms to manage token issuance, custody and reserve management. However, obtaining a national trust license will allow Sony to play a more direct role in the stablecoin ecosystem.

Roman Goldstein, a Klaros Group executive and former OCC regulatory official, emphasized that this license allows Sony to officially become a direct stablecoin issuer and be able to interact directly with regulators.

Through this architecture, Sony aims to integrate issuance, custody, transfer and redemption processes within a federal regulatory framework. The company is also considering using U.S. dollar tokens for fund management, cross-border payments, and in-app purchases in games, animation, movies and music products. Reducing transaction fees paid to card networks is one of the main goals.

Criticism and regulatory risks

The application process has been criticized by some in the U.S. banking industry and consumer advocates. The Banking Policy Institute believes that the proposed structure could blur long-standing boundaries between business activities and banking. The Independent Community Bankers Association of America warned that the lack of deposit insurance in trust arrangements could expose customers to higher risks in the event of bankruptcy.

Similarly, the National Community Reinvestment Alliance has expressed concern that digital asset companies could gain federal status without having to bear the same public obligations as banks. Despite this, the OCC has advanced approvals based on its current legal interpretation. There are also signs that regulators may require Sony\'s U.S. subsidiary to appoint a full-time chief financial officer.

Market Follow-up Focus

For Connectia Trust to start issuing stablecoins, it must first obtain final approval from the OCC and complete the evaluation of Japanese regulators. In addition, Sony has not announced senior executives to lead the new entity. Whether the launch target can be achieved in 2027 will depend on whether all regulatory processes can be completed in a timely manner.

Industry observers view Sony\'s application as a test case to measure the extent to which non-financial companies can penetrate the U.S. dollar token ecosystem. Sony\'s entry after companies such as Circle, Ripple and Paxos, all of which received trust licenses, shows that competition in the stablecoin market has now surpassed that of crypto-native companies.