Sony Bank has received conditional OCC approval to open a national trust bank.
Sony saidit plans to create Connectia Trust with $40 million in capital. The trust bank, which should open next year, would issue and manage a dollar-denominated stablecoin.
The bank said late last year that it was planning to issue a dollar-pegged stablecoin that can be used to pay for Sony games and movies.
“The establishment of this trust subsidiary is intended to contribute to the development of a medium‑ to long‑term business foundation for the Sony Financial Group’s digital asset businesses,” the gaming giant said in a statement. “Sony Bank plans to establish the trust subsidiary and proceed with preparations for the commencement of business.