Sony Bank’s Connectia Trust Seeks OCC Charter to Issue Stablecoins

• Sony Bank applied for an OCC charter to issue regulated U.S. dollar-pegged stablecoins.
• Connectia Trust aims to offer custody, reserve management, and asset fiduciary services.
• Sony joins Circle, Coinbase, Paxos in seeking federally regulated stablecoin authority.

Sony Bank is expanding into the digital asset space. The Japanese financial arm of Sony Group has applied for a national banking charter in the United States. The filing, submitted through its subsidiary Connectia Trust, seeks approval from the Office of the Comptroller of the Currency (OCC). If granted, the license would allow Connectia Trust to issue U.S. dollar-pegged stablecoins, manage reserves, and provide crypto custody services.

Sony Targets Regulated Stablecoin Issuance

Sony’s Connectia Trust application outlines several key objectives. The company plans to issue dollar-backed stablecoins, maintain matching reserve assets, and provide both non-fiduciary and fiduciary digital asset management services. Connectia said these operations align with activities already approved for other national banks.

In its submission, the company emphasized that all proposed activities fall under existing OCC legal authorities. These include the issuance and management of stablecoins, custody of digital assets, and asset management for affiliated clients.

Sony’s application comes amid growing competition among firms seeking federal crypto banking charters. Coinbase, Paxos, Circle, and Stripe have all filed similar applications with the OCC. If approved, Sony would join a small but expanding group of regulated crypto institutions. At the moment, Anchorage Digital Bank is the only company with an OCC charter that has been fully approved.

Anchorage faced challenges after receiving its charter in 2021. The OCC issued a cease-and-desist order in 2022, citing compliance concerns. The order was lifted this year after Anchorage improved oversight and reporting systems, reflecting regulators’ evolving stance toward digital asset institutions.

Tech and Finance Giants Rush Into Stablecoins

Sony’s move comes at a time when the market for stablecoins is growing very quickly. Recent data shows that the total market capitalization of stablecoins is now more than $315 billion. The sector is dominated by major issuers like Tether and Circle, earning substantial gains from reserve management and international settlements.

By issuing stablecoins pegged to the US dollar, Connectia Trust would put Sony among other significant financial institutions adopting blockchain-based currency. The OCC charter would also allow the company to provide custody and reserve services in a regulated setting.

The GENIUS Act, passed earlier this year in the U.S., formally established a legal framework for stablecoin issuance. The law has triggered a wave of new applications from financial and technology firms seeking to operate under federal oversight. For Sony, the OCC license could open the door to issuing regulated digital dollars and integrating them into payment and gaming ecosystems.

Related: Ripple Seeks OCC Banking License with Trust Bank Application

The parent company of Sony Bank, Sony Group, has already expressed interest in the innovation of blockchain. In January, Sony collaborated with Startale Group to release Soneiunm, an Ethereum Layer-2 network that aims to support decentralized apps. The joint venture aims to establish an infrastructure of next-generation digital ecosystems, such as financial services, gaming, and entertainment.

The move by Connectia Trust to venture into the stablecoin market is based on such earlier efforts. It represents a strategic move towards integrating the financial prowess of Sony, together with its emerging blockchain projects. The company application also highlights a larger trend in the industry, from speculative crypto ventures to regulated financial infrastructure.

The OCC’s decision on the charter will determine Sony’s next move. If approved, Connectia Trust could become one of the first tech-bank hybrids authorized to issue stablecoins in the United States.