Sony Bank has received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish Connectia Trust, National Association — a national trust bank focused exclusively on issuing and managing U.S. dollar stablecoins. This approval places Sony alongside major digital asset firms such as Circle, Ripple, and Paxos that have pursued federal trust charters.
Connectia will operate as a wholly owned subsidiary of Sony Financial Group with an initial capital of $40 million (approximately ¥6.4 billion). The company targets a 2027 launch, but cannot begin operations until it secures final authorization from U.S. regulators and additional approvals from Japanese authorities.
Connectia Trust Focuses Only on Stablecoin Operations
Sony Bank confirmed that Connectia will serve a single purpose: issuing and managing dollar-denominated stablecoins. The trust will not offer traditional banking services such as deposit-taking, lending, or payment processing. Instead, its activities will be strictly limited to stablecoin issuance, custody, management, transfer, and redemption.
No commercial activities will commence until all regulatory approvals are obtained. Sony stated that stablecoin issuance will remain on hold until the OCC grants final approval and every required authorization becomes effective.
As part of the disclosure, Sony Financial Group noted that it plans to invest more than 10% of its capital in this venture, as reported under Japan’s Financial Instruments and Exchange Act. Additionally, Sony partnered with California-based Bastion Platforms in December 2025. Bastion is expected to act as issuer, custodian, and reserve manager after the token launches, while also seeking its own national trust charter.
Federal Charter Expands Sony’s Role
Roman Goldstein, director at Klaros Group and a former OCC regulator, described Sony’s project as the first commercial-conglomerate ecosystem bank. He noted that the charter would make Sony the issuer of record, enabling direct communication with regulators and oversight of its own compliance program. The charter would also allow Sony to earn income from reserve assets.
Goldstein added that this structure could position Sony to qualify under the GENIUS Act in the future. Without its own charter, Sony would have to rely on another company’s license and assume that firm’s regulatory risks.
Evey Guo, principal at FS Vector, said the federal charter would allow Sony to manage issuance, custody, transfers, and redemption under one federal supervisor instead of depending on third-party providers and money-transmitter licenses.
Sony plans to integrate the stablecoins into its own ecosystem. According to American Banker, the company expects to use the tokens for treasury management, cross-border payments, and purchases across its gaming, anime, movie, and music businesses — reducing payment processing costs.
Critics Raise Banking and Regulatory Concerns
The proposal has faced scrutiny since October 2025. The Bank Policy Institute questioned whether the charter could blur the longstanding separation between commerce and banking. The Independent Community Bankers of America argued that the trust would not carry deposit insurance and warned that regulators had not tested this framework for an institution of Sony’s size.
The National Community Reinvestment Coalition also argued that approving Connectia could create a two-tier chartering system by granting digital asset firms federal status without equivalent public obligations.
Despite criticism, the OCC moved forward under its current legal interpretation. Goldstein suggested that regulators may also require Connectia to appoint a full-time chief financial officer before operations begin. Sony still needs final OCC approval, clearance from Japanese regulators, and leadership for the new trust before Connectia can launch its stablecoin business in 2027.
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