Sony Financial Group, a subsidiary of Sony Group, has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank in the United States; its subsidiary Connectia Trust will be founded in July with a capital of $40 million, planning to launch issuance and management services for USD-pegged stablecoins by 2027. Sony stated that establishing this trust bank is to prepare for the commercialization of USD-denominated stablecoin issuance and management in the U.S.
OCC Trust Bank License Application Surge: Circle, Ripple, Paxos Lead
According to reports, under OCC Director Jonathan Gould, applications for national trust bank licenses have surged. Cryptocurrency firms like Circle, Ripple, and Paxos are among the first to receive trust bank license approvals last December; major banks such as Morgan Stanley have also applied for trust licenses for their new branches.
Sony’s application represents another model for industrial groups obtaining U.S. financial licenses—different from auto manufacturers Ford, General Motors, and Stellantis, which have obtained FDIC conditional approval for Industrial Loan Company (ILC) licenses. Sony chose the trust bank route to avoid Federal Reserve regulation.
Goldstein noted that the OCC "does not shy away from opposition from the banking and commercial sectors, but states that the law permits this integration."
Industry Alliance Opposition Statements: Core Concerns from ICBA, NCRC, and BPI
According to public statements from various organizations, the main reasons for opposing Sony Trust Bank’s application are:
ICBA (Independent Community Bankers of America): Trust institutions are not required to hold deposit insurance, which could cause "confusion" and "harm" to consumers if they go bankrupt; claims that "OCC’s untested resolution framework cannot fully address issues with uninsured, systemically important stablecoin issuers like Connectia."
NCRC (National Community Reinvestment Coalition): Trust institutions are not subject to the Community Reinvestment Act like banks; approval could create a "dual-track system," where digital asset companies gain federal-like status without similar public obligations, "undermining the integrity of the entire charter framework."
BPI (Bank Policy Institute): The application "raises questions about the long-standing separation between banking and commerce sectors."
OCC’s Special Conditions and Connectia Trust’s Regulatory Framework
According to senior Klaros Group executive Roman Goldstein’s analysis on LinkedIn, Connectia Trust adopts an unusual cross-border regulatory structure: the trust bank is regulated by the OCC, while the parent bank (Sony Financial Group) is regulated by Japan’s Financial Services Agency (FSA), with no involvement from the Federal Reserve—Goldstein describes it as "an offshore bank with no Fed involvement."
OCC’s conditional approval includes potential requirements for Sony’s subsidiary to appoint a full-time (not part-time) CFO at any time. Regarding the legal classification of stablecoins, OCC states that trust bank-issued stablecoins "are not deposits or checks because they exist within closed payment systems," but Goldstein points out that this logic "does not explain how this prohibition applies to stablecoins on public blockchains."
Frequently Asked Questions
When will Connectia Trust be established, and when will stablecoin services launch?
According to Sony’s announcement, Connectia Trust will be founded in July 2026 with a capital of $40 million; stablecoin-related services are planned for 2027, focusing on issuance and management of USD-pegged stablecoins. No responsible person has been designated yet; specific service details and target clients (retail or institutional) will be announced by Sony.
Why does Connectia Trust’s regulatory structure spark controversy?
Reports indicate the main concerns are: the trust bank is regulated by OCC but not by the Federal Reserve, and it does not hold deposit insurance; meanwhile, the parent company (Sony Financial Group) is regulated by Japan’s FSA, creating a cross-national dual regulation framework. ICBA and NCRC warn that uninsured stablecoin issuers could cause consumer losses and systemic risks during crises; BPI states that the long-standing separation between banking and commerce sectors is being challenged.
Which other companies have also received OCC trust bank licenses?
According to reports, cryptocurrency firms like Circle, Ripple, and Paxos are among the first to receive trust bank license approvals last December; large banks such as Morgan Stanley have also applied. The specific license statuses of these institutions are subject to official disclosures from the OCC.
