Sony Bank Applies for U.S. Crypto Banking Charter to Issue Dollar-Pegged Stablecoin

Sony Bank, the financial arm of Sony Group, has submitted an application for a U.S. national trust bank charter through its subsidiary Connectia Trust to the Office of the Comptroller of the Currency (OCC). This move aims to enable the issuance of a dollar-pegged stablecoin, along with services including reserve management, digital asset custody, and portfolio management for select subsidiaries.

The application, filed in October 2025, represents a significant entry by a major Japanese institution into the U.S. stablecoin market, which currently has a total market capitalization of $312 billion. Kenichiro Yoshida, Chairman and CEO of Sony Group Corporation, stated, "In the initial phase of operations, we plan to conduct certain legally compliant digital asset transactions for national banks. These include dollar-pegged stablecoin issuance, reserve management, digital asset custody services, and asset management activities for select subsidiaries."

This development occurs amid broader industry trends, with other firms like Stripe, Coinbase, Paxos Trust, and Circle also seeking similar charters. Anchorage Digital Bank is the only entity to have received a full license so far, after being freed from a 2022 cease-and-desist order in August 2025. The regulatory landscape has been shaped by the GENIUS Act, which established a formal framework for stablecoin issuance and trading in the U.S.

Sony's interest in cryptocurrencies is not new; the company previously partnered with blockchain firm Startale Group to launch an Ethereum Layer-2 network called Soneiun, which went live in January 2025. While the application is under review and may face delays due to regulatory scrutiny, approval could enhance crypto liquidity and legitimacy in the U.S. financial system, though immediate effects are limited pending official updates.