Japan's Sony Bank has secured conditional approval from the Office of the Comptroller of the Currency to set up a U.S. national trust bank, with plans to issue a dollar-backed stablecoin.
In a statement dated July 6, Sony Bank said it plans to establish a wholly owned subsidiary, Connectia Trust, this month with $40 million in capital. The unit will issue and manage a dollar-denominated stablecoin, as stated.
Connectia Trust is set to launch sometime in 2027, pending final approval, according to the International Business Times.
"The establishment of this trust subsidiary is intended to contribute to the development of a medium‑ to long‑term business foundation for the Sony Financial Group’s digital asset businesses," Sony Bank said in the statement.
The bank has yet to name a representative for Connectia Trust. The Block has reached out to Sony Bank for further comment.
