Sony Bank wins conditional OCC approval to launch US stablecoin trust bank

Sony Bank 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, operating through its subsidiary Connectia Trust. The Japanese online bank filed the application in October 2025, and the planned business scope includes issuing and managing a dollar-denominated stablecoin, with a 2027 launch target contingent on further regulatory clearances in both Japan and the United States.

Sony Bank has been developing stablecoin capability since early 2024, when it ran trials of yen-linked and multi-currency coins on the Polygon blockchain, examining their applicability to Sony Group digital commerce including gaming. The new venture shifts that effort squarely toward the American market, with an explicit mandate to support the US expansion of Sony Group companies and to serve creator and fan communities.

The choice of a direct US charter rather than a Japan-originated issuance appears deliberate and pragmatic. Sony Bank could in principle have relied on GENIUS Act provisions allowing qualified foreign stablecoin regimes, but Japan has not yet granted full approval to any trust-type stablecoin issuer; SBI’s own application remains pending. Beyond that domestic hurdle, a foreign-issued stablecoin would additionally require a US determination that Japan’s rules are substantially equivalent to GENIUS Act standards. Securing an OCC charter directly sidesteps both dependencies and appears to represent the faster route to a live US product.