Sony Bank announced it has received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank in the United States. The Japanese online bank applied in October through its subsidiary Connectia Trust, and its planned US business includes the issuance and management of a dollar denominated stablecoin. It is targeting a 2027 launch, subject to further approvals in both Japan and the United States. Sony Bank aims to support the US expansion of Sony Group companies and “to contribute to creators and fan communities by creating experiences befitting the digital age.”
The bank has been working on stablecoins since early 2024, when it trialed coins linked to the yen and other currencies on the Polygon blockchain, exploring their use for Sony Group digital sales such as games. The new venture points squarely at the American market.
In theory Sony Bank could have issued from Japan and relied on the GENIUS Act provisions for comparable foreign regimes. However, Japan has yet to grant full approval to any trust type stablecoin, with SBI’s still awaiting full approval. In addition to a Japanese license, for a foreign stablecoin to be used in the US it would need to go through a determination that the foreign legal requirements are substantially similar to the GENIUS Act ones. A direct US charter was likely the far quicker path.
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