Sony Bank just got a big thumbs-up from US regulators. The OCC gave Sony’s banking arm preliminary approval to set up a US trust bank that’ll issue dollar-pegged stablecoins.
The new subsidiary is called Connectia Trust. It’s a wholly owned Sony Bank entity backed by $40 million in starting capital. Sony Financial Group made the announcement on Monday, saying this is part of a long-term digital asset strategy.
Don’t expect stablecoins to start flowing immediately though. Sony’s being careful — no business activities or token issuance happens until all approvals are final. The company says it plans to launch the subsidiary this month.
Sony’s been warming up to stablecoins for a while. Back in March, it signed a memorandum with JPYC Inc. to explore integrating a yen-pegged stablecoin directly into its banking rails.
The move puts Sony alongside a growing list of major banks diving into stablecoin infrastructure. Standard Chartered just partnered with Circle to let institutions mint and redeem USDC through its platform. No separate Circle accounts needed — it’s all bank-led.
Stateside, the regulatory picture is still murky. The CLARITY Act, which would create the first federal framework for digital assets, is stuck in Congress. Galaxy Digital recently cut its odds of passage this year to 50%. The bill faces pushback from both Democrats and the banking industry, who worry crypto firms could offer stablecoin yields without the same rules traditional banks must follow.
JPMorgan CEO Jamie Dimon’s been vocal too. He told Fox Business banks will keep fighting the current version of the bill, saying crypto companies that want to offer yield-bearing products should just apply for banking charters.
Still, over 200 crypto firms signed a letter urging the Senate to pass it. The bill has a House hearing scheduled for July 17.
