Sony Bank Moves to Issue Dollar Stablecoin in US After OCC Conditional Approval
Summary
- Sony Bank said it is moving to issue a dollar stablecoin in the US after receiving conditional approval from the OCC.
- The bank said Connectia Trust, its wholly owned subsidiary, will oversee issuance and management of the dollar stablecoin.
- Sony Financial Group said it will proceed with incorporation and the business after final OCC approval and left open the possibility of a capital increase if needed.
Forecast Trend Report by Period
Sony Bank, a unit of Sony Financial Group, is moving to issue a dollar stablecoin in the US.
Cointelegraph reported on July 9 that Sony Financial Group said in a July 6 filing that Sony Bank had received conditional approval from the Office of the Comptroller of the Currency to establish a national trust bank subsidiary in the US. The subsidiary will be named Connectia Trust, National Association.
Connectia Trust is a US entity wholly owned by Sony Bank. It is slated to oversee the issuance and management of Sony Bank's dollar stablecoin.
Sony Financial Group said it plans to complete the incorporation process and launch the business after receiving final approval from the OCC. It also said it may raise capital if needed.
Sony Bank said no stablecoin will be issued before the OCC grants final approval. It described the establishment of the new entity as a preemptive step to lay the groundwork for businesses tied to dollar stablecoins and related operations.
The US entity would mark Sony Financial Group's push to expand its stablecoin business beyond Japan and into the American market.
In March, Sony Bank also signed a memorandum of understanding with yen stablecoin issuer JPYC to explore ways to link yen stablecoins with bank deposit infrastructure.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul