Sony Bank Stablecoin Charter Application Targets U.S. Crypto Market
Background: Sony Bank Seeks National Crypto Charter
Sony Bank, a financial division of Sony Group, has filed an application to obtain a national banking charter for its subsidiary, Connectia Trust. According to the company’s filing, this move is aimed at allowing Connectia Trust to conduct specified activities involving cryptocurrency, marking a significant entry by a major tech conglomerate into the digital asset banking sector (Decrypt).
The application reveals that Sony intends for Connectia Trust to issue U.S. dollar-pegged stablecoins, manage corresponding reserves, and offer digital asset custody and management services. If successful, the Sony Bank stablecoin charter application would position the company among a growing cohort of financial institutions seeking to capitalize on the rise of digital assets in the United States.
Industry Trends: Banking Charters and the Stablecoin Race
Sony Bank joins payments firms like Stripe, crypto exchange Coinbase, stablecoin issuer Paxos Trust, and USDC issuer Circle in submitting applications for digital asset banking charters with the Office of the Comptroller of the Currency (OCC). Anchorage Digital Bank remains the only entity to have secured a fully approved, de novo OCC charter, despite facing a temporary cease and desist order that was removed in August following improved regulatory clarity.
A recent boost to the crypto industry came from the U.S. passage of the GENIUS Act, which established a regulatory framework for issuing and trading stablecoins. This legislative shift has led to increasing participation from established financial and technology firms keen on entering the stablecoin market. Stablecoins function as digital equivalents to the U.S. dollar, facilitating cross-border transactions and cryptocurrency trades where access to dollars is otherwise limited.
Sony Bank, as a subsidiary of the multinational Sony Group, would be entering this space at a strategic moment. The stablecoin sector has a total market capitalization of $312 billion, according to Decrypt. Prediction markets estimate a 68% chance that figure will rise to $360 billion by February 2026.
What’s Next: Sony’s Broader Crypto Strategy
Sony’s latest move continues its engagement with digital assets. In January, Sony Group and crypto technology partner Startale Group launched Soneiun, an Ethereum layer-2 blockchain initiative, following its announcement in 2023. These efforts indicate Sony’s ongoing commitment to exploring Web3 and blockchain applications in addition to its mainstream entertainment and consumer electronics businesses.
Sony Bank emphasized in its OCC application that during its initial operations, Connectia Trust will focus on activities “previously found to be permissible under existing national bank legal authorities.” This includes issuing dollar-pegged stablecoins, maintaining reserve assets, and providing non-fiduciary custody as well as fiduciary asset management for affiliates.
Sony Bank has not provided additional comment as of this report. For further details on the evolving relationship between traditional finance and digital assets, see Vizi’s cryptocurrency coverage.
