The U.S. Office of the Comptroller of the Currency (OCC) has granted conditional approval to Connectia Trust, a new trust company under Sony Bank, to issue dollar-pegged stablecoins. This is not a green light for immediate operations — the OCC set a temporary approval pending final regulatory consent. Sony Bank will allocate $40 million in initial capital for Connectia Trust, aiming for a 2027 launch.
Trust Structure Limited to Stablecoin Issuance, No Banking Services
Connectia Trust's application does not include traditional banking services such as deposit-taking, lending, or payment processing. Its sole purpose is to issue and manage dollar stablecoins under regulatory oversight. The company stated clearly that no business activity, including stablecoin issuance, will begin until all necessary permits — including final OCC approval — are fully secured.
The OCC's move signals more than just expansion by a Tokyo-based financial giant. It marks a new phase where major corporate players seek to enter the regulated U.S. stablecoin market.
Sony's Path From Partner to Direct Issuer
Sony had previously explored stablecoins. In December 2025, it partnered with California-based Bastion Platforms to handle token issuance, custody, and reserve management. Now, securing a national trust license allows Sony to take a more direct role. Roman Goldstein, an executive at Klaros Group and former OCC regulator, noted that this license positions Sony as a direct stablecoin issuer on the official record, enabling direct engagement with regulators.
Through this structure, Sony aims to consolidate issuance, custody, transfer, and redemption under a single federal supervisory framework. The company is also considering using dollar tokens for treasury operations, cross-border payments, and in-app purchases across gaming, anime, film, and music products. Reducing transaction fees paid to card networks is among the key objectives.
Criticism and Regulatory Risks: Banking Groups Raise Concerns
The application has drawn criticism from parts of the U.S. banking community and consumer advocates. The Bank Policy Institute argued that the structure could blur the longstanding line between commercial and banking activities. The Independent Community Bankers of America warned that the lack of deposit insurance in a trust arrangement could expose customers to heightened risk in a collapse.
The National Community Reinvestment Coalition voiced concerns that digital asset firms could obtain federal status without being held to the same public obligations as banks. Nonetheless, the OCC has proceeded based on its current legal interpretation. There are also indications that regulators may require Sony's U.S. unit to appoint a dedicated, full-time chief financial officer.
Next Hurdles: OCC Final Approval and Japanese Regulatory Review
For Connectia Trust to actually issue stablecoins, it must obtain final OCC approval and complete evaluation by Japanese regulators. Sony has yet to announce the executive who will lead the new entity. Reaching the 2027 launch timeline will depend on timely clearance of all regulatory processes. Industry observers view Sony's application as a test case for how much non-financial corporations can penetrate the U.S. dollar-backed token ecosystem. Following companies like Circle, Ripple, and Paxos — each previously granted trust licenses — Sony's entry underscores that stablecoin competition now extends beyond crypto-native firms.