Japan's Sony Group has received conditional approval from the Office of the Comptroller of the Currency (OCC) for the establishment of a US trust bank for its dollar stablecoin issuance and management business, BankingDive reported. Connectia Trust, a subsidiary of Sony Financial Group, is expected to be established this month with a capital of $40 million. Sony is preparing to launch the business in 2027, but specific products or target customer segments were not specified in this announcement. The OCC also attached an unusual condition to this case, stating that it could require Connectia to have a full-time Chief Financial Officer (CFO) who is not allowed to hold concurrent positions, whenever necessary. Meanwhile, local industry groups such as the Bank Policy Institute (BPI) and the Independent Community Bankers of America (ICBA) have opposed the trust approval, arguing that it grants bank status and credibility to stablecoin issuers without bank-level obligations such as deposit insurance. Sony had previously applied for OCC approval in October last year.
