Sony Bank received preliminary approval from the Office of the Comptroller of the Currency to establish a US stablecoin issuance business, with $40 million in starting capital.
Sony Bank, a subsidiary of Sony Financial Group, said it's received preliminary approval to establish a new US national trust bank subsidiary that will issue US dollar-denominated stablecoins.
The new unit, Connectia Trust, National Association, gained preliminary approval from the Office of the Comptroller of the Currency (OCC) on July 2.
It will be fully owned by Sony Bank and will support the issuance and management of US dollar-denominated stablecoins, according to a Monday announcement by Sony Financial Group.
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