Sony Bank Clears First US Hurdle to Issue Its Own Dollar Stablecoin

Sony Bank wins conditional US approval for a trust bank

Sony Bank, the online banking unit of Japan's Sony Financial Group, received preliminary conditional approval from the US Office of the Comptroller of the Currency (OCC). The approval clears the way to form Connectia Trust, National Association, a New York-based national trust bank. Sony Bank will own 100% of the subsidiary. The OCC decision was announced on 6 July 2026. The charter would let Sony Bank issue and manage dollar-backed stablecoins in the United States.

Connectia Trust will hold forty million dollars in capital

The new unit will be capitalized with $40 million to support its stablecoin business, according to a Sony Financial Group announcement. Connectia Trust plans to focus on stablecoin issuance and reserve management. It also plans to offer stablecoin custody, related transaction services, and fiduciary asset management. Sony Bank filed the application with the OCC on 6 October 2025 through its legal counsel.

The stablecoin will support payments across Sony's digital services

According to The Block, the planned stablecoin would let US customers pay for video games, anime, subscriptions, and other digital content across Sony's ecosystem. The move follows earlier Sony Bank plans for a token tied to games and anime payments. Sony Bank described the subsidiary as part of a medium- to long-term business plan. The company has not confirmed a public list of supported services.

Operations wait on final OCC approval expected in 2027

Sony's trust bank will not begin operations, including stablecoin issuance, until it receives all required approvals. This includes final approval from the OCC, Sony Financial said. The conditional approval does not guarantee a launch date or token issuance. Sony Bank aims to launch Connectia Trust in 2027, pending that final sign-off. Before opening, the unit must meet capitalization and preopening examination conditions set by the regulator.

Dollar tokens dominate a growing stablecoin market

Dollar-pegged tokens dominate the stablecoin market that Sony Bank plans to enter. USDC, one of the two largest dollar stablecoins, traded at $1.00 with a market capitalization near $73.3 billion at the time of publication (CoinPaprika, 9 July 2026). Dollar-backed tokens make up more than 99% of the total market, which stood near $311 billion, according to DeFiLlama data reported by CoinDesk. USDT and USDC together account for about $250 billion of that total. Established issuers already hold most of this market, which makes entry difficult for newcomers.

Stablecoin transaction volume reached a record last month

Stablecoin use is rising quickly as Sony Bank prepares its entry. Transaction volume reached a record $1.79 trillion in June 2026, up 63% from May, according to Visa's onchain dashboard as reported by CoinDesk. That total was more than double the level a year earlier. The growth has drawn banks and payment firms toward regulated stablecoin models.

US rules under the GENIUS Act shape the launch

US regulators are building a federal framework for stablecoins under the GENIUS Act. The law sets national rules for payment stablecoins and their reserves. Several other firms have won similar conditional OCC approvals for trust-bank structures, including Paxos, Circle, and Stripe-owned Bridge. Sony Bank now joins a growing group of applicants seeking a regulated path into dollar stablecoins.

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