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Sony Bank has applied for a U.S. national banking license from the Office of the Comptroller of the Currency (OCC), aiming to issue a dollar-backed stablecoin and offer digital asset services through its subsidiary, Connectia Trust.
The bank’s application outlines plans to manage stablecoin reserves, provide custody and portfolio services, and focus on compliant digital transactions for major banks and corporate clients.
This move follows a broader trend among major financial and tech firms racing for licenses under the new U.S. GENIUS Act, which regulates stablecoin issuance. Stripe, Coinbase, Circle, and Paxos are also seeking approval, while Anchorage Digital Bank remains the only firm with full authorization.
Stablecoins – cryptocurrencies pegged to the U.S. dollar – now hold over $312 billion in market value, powering onchain payments and cross-border transfers, particularly in regions with limited dollar liquidity.
Sony, best known for its entertainment and electronics divisions, has been expanding into blockchain. Earlier this year, it partnered with Startale Group to launch Soneiun, an Ethereum Layer-2 network. The company views stablecoins as a natural extension of its digital and financial infrastructure.
Sony Bank emphasized that its crypto operations will remain separate from its entertainment units like PlayStation. If approved, the move would make Sony one of the first global tech conglomerates to gain direct U.S. banking authorization for digital assets — a development likely to intensify competition in the regulated stablecoin sector.