Sony Bank, a subsidiary of Sony Financial Group, said it has received preliminary approval to set up a new US National Trust Bank subsidiary that will issue US dollar-denominated stablecoins.
The new unit, Connectia Trust, a national association, received preliminary approval from the Office of the Comptroller of the Currency (OCC) on July 2.
It will be wholly owned by Sony Bank and will support the issuance and management of US dollar-denominated stablecoins, according to Monday. Announcement By Sony Financial Group.
The approval marks Sony’s entry into a regulated US stablecoin offering, part of a long-running digital asset business Foundation, which it is backing with $40 million in seed capital.
Sony Bank stated that no business activities or issuance of stablecoins will take place until all approvals and authorizations, including final approval, are received from the OCC. The group plans to launch a stablecoin subsidiary this month.
Cointelegraph has reached out to Sony Bank for more details about the business and whether it will include the launch of a proprietary stablecoin, but did not receive a response by the time of publication.
In early March, Sony Bank acquired stablecoin issuer JPYC Inc. signed a memorandum of understanding with to study whether a Japanese yen-pegged stablecoin could be linked directly to bank deposit rails.
A review of Sony Bank’s specific subsidiary to be set up in the US. Source: Sony Bank
Banks seek stablecoin integration despite regulatory headwinds
Most of the world’s major banks are trying to integrate stablecoin infrastructure into traditional systems despite regulatory headwinds in the US.
Last Thursday, British multinational bank Standard Chartered and USDC issuer Circle said it has developed a system that allows institutions to mint and redeem the USDC stablecoin through a bank-led onboarding process. Clients will be able to mint and redeem USD-backed stablecoins directly from Stanchart’s platform instead of opening separate accounts with Circle.
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Meanwhile, congressional progress on the Clarity Act, the first regulatory framework for digital assets in the US, remains stalled, prompting Galaxy Digital to cut its odds of becoming law by 50% in 2026.
While the legislation is scheduled for a hearing in the House of Representatives on July 17, Alex Thorne, Galaxy’s head of research, cautioned that the bill may not have enough time before the Senate leaves for its traditional four-week recess on August 8.
The bill cleared the Senate Banking Committee in May, but faced concerns from most Democrats and the banking industry that it would allow crypto firms to offer yields on stablecoins without facing the same requirements as traditional financial institutions.
In early June, more than 200 crypto companies and related entities urged passage of the Clarity Act in a letter to the Senate. shared By the crypto lobby group Stand With Crypto.
In May, JPMorgan CEO Jamie Dimon told Fox Business that banks would continue to “fight” against the current version of the Clarity Act and said that crypto companies that want to offer yield products should “apply for a banking charter.”
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