Sony’s financial arm is preparing to enter the U.S. crypto market in full force.
Sony Bank has applied for a national banking license from the Office of the Comptroller of the Currency (OCC) – a move that would allow it to issue its own U.S. dollar–pegged stablecoin and operate a suite of digital asset services through its subsidiary, Connectia Trust.
The filing outlines Sony Bank’s intention to develop and manage dollar-backed stablecoins, oversee reserve assets, and provide digital custody and portfolio management solutions for clients. In its application, the bank said it would focus on “legally compliant digital asset transactions” tailored for national banks and large corporate partners during its initial phase.
Sony’s decision comes amid a surge of major financial and technology firms racing to secure crypto banking licenses under the U.S. GENIUS Act, a new law establishing a clear framework for stablecoin issuance and oversight. Companies including Stripe, Coinbase, Paxos Trust, and Circle have also filed applications with the OCC. So far, Anchorage Digital Bank remains the only firm to have obtained full authorization, regaining regulatory approval earlier this year after resolving a 2022 cease-and-desist order.
Stablecoins – cryptocurrencies pegged to fiat currencies like the U.S. dollar – have become a critical part of the digital economy, facilitating seamless on-chain transactions and remittances in regions with limited access to dollar liquidity. The sector now holds a combined $312 billion in market capitalization, reflecting growing global demand for digital dollars.
While best known for its entertainment and technology divisions, Sony Group has been quietly deepening its blockchain involvement. In partnership with Startale Group, the conglomerate launched Soneiun, an Ethereum Layer-2 network that went live earlier this year after several months of testing. The company sees stablecoins as the next logical step in expanding its financial and digital infrastructure.
Sony Bank emphasized that the new operations would be handled separately from its entertainment subsidiaries, including Sony Interactive Entertainment, the division behind PlayStation. The bank’s application suggests a measured but ambitious approach – one that combines traditional financial safeguards with cutting-edge blockchain capabilities.
If approved, Sony Bank’s entry into the U.S. stablecoin market would mark one of the first cases of a global technology conglomerate securing direct banking authorization for digital asset operations. The move could significantly accelerate competition in the regulated stablecoin space, where traditional finance and tech giants are increasingly converging.
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