Sony gets conditional OCC approval for stablecoin trust bank

Japan's Sony Group has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a trust bank for issuing and managing a dollar-backed stablecoin, BankingDive reported. The subsidiary, Connectia Trust, under Sony Financial Group, is set to be established this month with $40 million in capital. Sony is preparing to launch the business in 2027, though specific products and target customers were not specified in the disclosure. The OCC attached an unusual condition, reserving the right to require Connectia to appoint a full-time Chief Financial Officer (CFO) who cannot hold other positions if deemed necessary. Local industry groups, including the Bank Policy Institute (BPI) and the Independent Community Bankers of America (ICBA), have opposed such charters. They argue that the approval grants bank-like status and credibility to stablecoin issuers without imposing bank-level obligations like deposit insurance. Sony first applied for the charter in October of last year.