Emre Yilmaz

Sony Bank Clears OCC Hurdle for Dollar Stablecoin

Sony Bank has secured conditional approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, moving Japan's Sony Financial Group closer to issuing its own dollar-backed stablecoin. The lender plans to set up a wholly owned subsidiary, Connectia Trust, this month with $40 million in capital, it said in a statement dated July 6. The unit would issue and manage a dollar-denominated stablecoin, and is expected to begin operating in 2027 once it clears the re...