TOKYO — Sony Bank Inc. plans to establish a U.S. trust bank as part of its strategy to develop businesses centered on U.S. dollar-denominated stablecoins, the company announced.
According to Sony, the Japan-based financial institution has received tentative approval from the Office of the Comptroller of the Currency to establish a national trust bank in the United States.
The new subsidiary, Connectia Trust, National Association, will be capitalized with $40 million and will be wholly owned by Sony Bank, the company said.
Sony said the trust bank is being established “in preparation for the commercialization of businesses related to the issuance and management of U.S. dollar denominated stablecoins in the United States.”
The company said the subsidiary is intended to help build “a medium- to long-term business foundation” for Sony Financial Group’s digital asset operations.
Earlier Application for Banking License
The announcement follows reports last year that Sony Bank had applied to the OCC for a U.S. banking license.
According to Sony, the trust bank will support the company’s expansion into digital assets and stablecoin-related financial services in the U.S.Last year, Japan’s Nikkei reported that Sony envisioned using stablecoins as a payment option for U.S. consumers who purchase subscriptions for the company’s video games and other digital content. The report said stablecoins could provide Sony with a way to reduce payment processing costs associated with traditional credit card transactions.
