Sony secures conditional approval to set up U.S. stablecoin trust bank

Finance Sony secures conditional approval to set up U.S. stablecoin trust bank The New York-based subsidiary, fully owned by Sony Bank, will be capitalized with $40 million to support its upcoming stablecoin business operations. By Francisco Rodrigues | Edited by Sheldon Reback Jul 9, 2026, 9:49 a.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Technology giant Sony is set to enter the U.S. stablecoin market. (Da-shika/Unsplash) Summary Show Sony Bank received preliminary conditional OCC approval to form Connectia Trust, a U.S. subsidiary for managing dollar-denominated stablecoins. The New York-based subsidiary, fully owned by Sony Bank, will be capitalized with $40 million to support its upcoming stablecoin business operations. Operations are on hold pending final regulatory approvals as the U.S. develops a comprehensive federal framework for stablecoins. Technology giant Sony's online banking unit said it received conditional approval to establish a U.S. national trust bank subsidiary to support the issuance and management of dollar-denominated stablecoins. The planned unit, Connectia Trust, National Association, will be based in New York and capitalized with $40 million, according to a Sony Financial Group announcement . Sony Bank will own 100% of the subsidiary. The move comes as stablecoin usage is surging. Transaction volume hit a $1.79 trillion record last month, 63% more than in May and more than double the year-earlier level, according to Visa’s onchain dashboard . With dollar-pegged tokens accounting for more than 99% of the total $311 billon market capitalization, according to DeFiLlama data , it may be a difficult market to crack. Not only do market leaders USDT and USDC alone account for about $250 billion of the total, competition is increasing. A wave of potential rivals has also won conditional approval from the Office of the Comptroller of the Currency (OCC) for federal trust-bank structures tied to stablecoin businesses, including Stripe-owned Bridge, Paxos and Circle Internet. Sony's trust bank will not begin operations, including stablecoin issuance, until it receives all required approvals, including final approval from the OCC, Sony Financial said. Sony Bank's move follows earlier plans for a stablecoin that could be used for games and anime payments . The OCC approval is conditional and does not guarantee a launch date or token issuance. The filing comes as U.S. regulators have been moving ahead with stablecoin rules under the GENIUS Act , which establishes a comprehensive federal framework for payment stablecoins banks Stablecoins Regulation Related Assets Bitcoin $ 62,802.20 1.25 % Latest Crypto News 1 Two blockbuster AI IPO's on the horizon could leave crypto further behind 18 minutes ago 2 Bitcoin's dwindling exchange reserves don't pack the same bullish punch anymore 1 hour ago 3 Live markets: Second day of U.S, Iran conflict keeps markets volatile as oil drops 2 hours ago 4 Bank of Japan may speed up rate hikes, pushing borrowing costs above 2%, ex-BOJ official warns 3 hours ago 5 'CASHCAT' trader turns $800 into over $1 million on Robinhood's brand new blockchain 3 hours ago 6 XRP holds near $1.10 as traders watch long-term breakout setup 4 hours ago 7 Bitcoin, ether steady, gold slides as U.S.-Iran tensions escalate again 4 hours ago 8 Polymarket bets on U.S. marketing blitz to win back trust after 4-year ban: Report 17 hours ago 9 Crypto Long & Short: With MSTR concerns assuaged, look to traditional signals around BTC 18 hours ago 10 Crypto VC Paradigm launches $1.2 billion AI fund as it broadens beyond digital assets 18 hours ago Latest Research SpaceX IPO Drives Tokenized Equity Volumes to Record as Stablecoin Market Cap Falls SpaceX IPO Drives Tokenized Equity Volumes to Record as Stablecoin Market Cap Falls Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B. By CoinDesk Research Jul 7, 2026 Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B. Why it matters : Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B. View Full Report More From Finance Dinari, tZERO join forces on turnkey platform for tokenized U.S. equities Crypto exchange Kraken is trying to become a bank in Europe EDX Markets raises $76 million in funding round led by SBI Holdings More From Bitcoin Two blockbuster AI IPO's on the horizon could leave crypto further behind Bitcoin's dwindling exchange reserves don't pack the same bullish punch anymore Live markets: Second day of U.S, Iran conflict keeps markets volatile as oil drops