Sony Bank’s subsidiary — Connectia Trust — has officially submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) for a trust bank license. Among the planned services, the firm intends to issue its own stablecoin, which will be pegged to the U.S. dollar.
This is reported by Business • Media
A New Player in the Cryptocurrency Banking Services Market
According to the official OCC resource, the application from Connectia Trust was received on October 7, 2025. The regulator will collect comments on this initiative for a month, until November 7. If the company receives the license, it will be able to provide a wide range of financial services, with a primary focus on cryptocurrency operations.
“These include the issuance of stablecoins pegged to the dollar and maintaining corresponding reserve assets, providing non-fiduciary digital asset custody services, and offering asset management services as a fiduciary to certain affiliated parties.”
The Situation in the U.S. Cryptocurrency Bank Licensing Market
Sony Bank is part of the large international corporation Sony Group, which includes numerous companies across various industries. At the time of publication, representatives from Connectia Trust and the OCC had not provided official comments regarding the review of this application.
As of now, only one organization — Anchorage Digital Bank — has been able to obtain an OCC license. It was registered back in 2021, but in 2022, the regulator issued an order to cease its operations. This order was officially rescinded only in August 2025.
In addition to Sony, other companies such as the cryptocurrency exchange Coinbase and Ripple Labs, known for its XRP Ledger product, have also applied for a banking license. However, both companies do not plan to engage in traditional banking activities — they need the license to launch new products, simplify settlements, and optimize operations in accordance with U.S. legislation.
However, the American Bankers Association has strongly opposed granting licenses to cryptocurrency companies, urging the OCC to reject such applications. The association states that these companies do not meet the established stringent standards for obtaining banking licenses in the U.S.