Sony Takes Another Step Toward Stablecoins With U.S. Trust Bank Approval

Technology conglomerate Sony is moving deeper into the digital asset sector after its banking arm received conditional approval to create a U.S. national trust bank, a key step toward issuing and managing U.S. dollar-backed stablecoins.

According to an announcement from Sony Financial Group, the new entity will operate under the name Connectia Trust, National Association and will be headquartered in New York. The subsidiary is expected to launch with $40 million in capital and will be fully owned by Sony Bank.

The approval gives Sony the opportunity to build the infrastructure needed for stablecoin custody and issuance, although the company must still obtain final authorization from the U.S. Office of the Comptroller of the Currency (OCC) before beginning operations.

Sony's expansion comes at a time when stablecoins are becoming an increasingly important part of the global payments ecosystem. Monthly transaction volume recently climbed to a record $1.79 trillion, representing a 63% increase from May and more than twice the level seen a year ago, according to Visa's on-chain data.

Despite the rapid growth, entering the market will not be easy. Dollar-backed stablecoins dominate the sector, representing more than 99% of the industry's roughly $311 billion market capitalization. Existing leaders USDT and USDC together control around $250 billion, leaving newcomers to compete in an already crowded space.

Sony is also joining a growing list of companies pursuing regulated stablecoin businesses in the United States. Firms including Bridge, owned by Stripe, along with Paxos and Circle, have also received conditional OCC approval for trust-bank structures designed to support stablecoin operations.

The initiative builds on Sony's previously disclosed ambitions to develop a stablecoin that could eventually power payments across its gaming and anime-related services, potentially expanding digital payment options throughout its entertainment ecosystem.

For now, however, the project remains in its early stages. The OCC's conditional approval does not authorize immediate operations or token issuance, and Sony must satisfy all remaining regulatory requirements before launching the trust bank.

The development also aligns with broader regulatory progress in the United States. Policymakers continue advancing the GENIUS Act, legislation aimed at creating a comprehensive federal framework for payment stablecoins, a move many industry participants believe could encourage greater institutional participation in the sector.