- Sony secured conditional OCC approval to launch its U.S. stablecoin trust by 2027.
- Connectia Trust will begin with $40 million to support future stablecoin operations.
- Banking groups opposed Sony’s trust charter as the OCC imposed additional oversight conditions.
Sony has moved closer to entering the U.S. stablecoin market after receiving conditional approval from the Office of the Comptroller of the Currency (OCC) to create a national trust bank. The decision allows the Japanese firm to proceed with the formation of Connectia Trust, a subsidiary that will support future stablecoin issuance and management in the United States.
While the approval is a regulatory move, it also follows months of opposition from banking groups and consumer advocates who questioned whether a trust charter is the appropriate structure for stablecoin-related activities.
Connectia Trust Set for 2027 Stablecoin Business
According to Sony’s filing, Connectia Trust will be established this month with $40 million in capital through Sony Financial Group. The company said the trust is being created in preparation for commercial activities related to issuing and managing U.S. dollar-denominated stablecoins in the United States beginning in 2027.
The filing did not identify an executive who will lead Connectia Trust. It also did not disclose what stablecoin products the company plans to introduce or whether its services will target retail customers, institutional clients, or both.
Sony disclosed the acquisition of the license to Japan’s local financial bureau under the Financial Instruments and Exchange Act because the trust’s capitalization exceeds 10% of Sony Financial Group’s capital.
Approval Draws Regulatory Debate
The application faced objections after it became public in October. Organizations, including the Bank Policy Institute, the Independent Community Bankers of America (ICBA), and the National Community Reinvestment Coalition (NCRC), argued that granting national trust charters to stablecoin issuers could blur the legal distinction between banks and trust institutions.
The NCRC stated that a trust charter would give Connectia federal regulatory status and market credibility without requiring compliance with obligations imposed on traditional banks, including the Community Reinvestment Act. The ICBA also argued that trust banks are not required to carry deposit insurance, raising concerns about possible consumer misunderstandings and risks if an institution becomes insolvent.
The NCRC further warned that approving such applications could create unequal regulatory treatment by allowing digital asset firms to receive similar federal recognition without the same public responsibilities.
OCC Imposes Additional Condition
Roman Goldstein, senior director at Klaros Group, said the approval represents what he described as the first commercial-conglomerate ecosystem bank. He noted that the OCC accepted the banking-and-commerce structure under existing law while placing Connectia under OCC supervision and Sony’s parent bank under Japan’s Financial Services Agency.
Goldstein also highlighted one condition attached to the approval. The OCC stated that it may require Connectia Trust to appoint a full-time chief financial officer who does not hold another executive role.
Related: Sony Bank Has Partnered With The Japanese Yen Stablecoin JPYC
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