Sony Bank Subsidiary Connectia Trust Seeks OCC Charter for USD Stablecoin Issuance and Digital Asset Custody

Executive Summary

Sony Bank's subsidiary, Connectia Trust, has applied to the Office of the Comptroller of the Currency (OCC) for a national banking charter to issue USD-pegged stablecoins and provide digital asset custody, signaling increased traditional finance entry into regulated crypto services.

The Event in Detail

Connectia Trust, a subsidiary of Sony Bank, has officially filed for a national banking charter with the Office of the Comptroller of the Currency (OCC). The application outlines plans for Connectia Trust to engage in specific cryptocurrency activities, including the issuance of USD-pegged stablecoins, the maintenance of corresponding reserve assets, and the provision of non-fiduciary digital asset custody and asset management services. This initiative positions Sony Bank within a growing cohort of financial and technology firms, such as Stripe, Coinbase, Paxos Trust, and Circle, that are actively seeking OCC charters. Currently, Anchorage Digital Bank is the sole crypto-native bank in the U.S. to operate under a fully approved, de novo OCC charter.

Sony Group has previously demonstrated interest in blockchain technology through its partnership with Startale Group to launch Soneium, an Ethereum layer-2 network. This application by Connectia Trust builds upon Sony's broader engagement with Web3 initiatives, which include a Web3 entertainment app and non-fungible token (NFT) promotion within its diverse portfolio.

Financial Mechanics

The proposed stablecoin issuance by Connectia Trust would involve USD-pegged stablecoins, requiring the maintenance of corresponding reserve assets. This aligns with the regulatory framework established by the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. Under the GENIUS Act, stablecoin issuers are mandated to maintain 100% reserves in cash or Treasuries, publish monthly disclosures, and prioritize redemption rights for token holders. This regulatory foundation aims to ensure the stability and transparency of stablecoins, placing them under a unified federal framework rather than disparate state-level licenses.

Business Strategy & Market Positioning

Sony Bank's move into regulated stablecoin issuance and digital asset custody is consistent with Sony Group's broader strategic focus on Web3 technologies. The company has been leveraging blockchain to deliver digital banking services, including the "Soneium" blockchain mainnet, cryptoasset exchange services, and an NFT issuance platform. This strategy, encapsulated by the concept of "Borderless Digital Banking for More 'Fun'", aims to integrate Sony's intellectual property from its entertainment divisions into new digital experiences. The application by Connectia Trust to the OCC signifies a formal entry into the regulated U.S. stablecoin market, a sector with a total market capitalization of $312 billion, with predictions suggesting growth to $360 billion by February 2026. By seeking a federal charter, Sony Bank aims to operate within a robust regulatory environment, potentially attracting institutional clients seeking compliant digital asset services.

Broader Market Implications

This application by Connectia Trust could significantly contribute to the mainstream adoption and legitimization of stablecoins and digital asset custody services. The entry of a major traditional financial institution like Sony Bank into this space is expected to intensify competition for existing crypto banks and stablecoin issuers, potentially driving innovation and efficiency across the sector. It may also encourage other traditional financial institutions to explore similar ventures, fostering greater integration of cryptocurrency assets into the traditional financial system. The approval process for an OCC charter is rigorous and can be lengthy, with Anchorage Digital Bank being the only crypto-native entity to have secured a de novo OCC charter to date. The successful establishment of Connectia Trust as a federally regulated entity could therefore serve as a precedent, influencing investor sentiment and corporate adoption trends within the broader Web3 ecosystem by reinforcing the credibility and stability of regulated digital assets. The regulatory environment has become more favorable for crypto assets, evidenced by the dropping of a cease and desist order against Anchorage Digital Bank in August 2025, which underscores the evolving landscape for digital asset operations under federal oversight.