Sony’s financial branch has submitted an application to obtain a national banking charter, which would permit its subsidiary, Connectia Trust, to participate in “certain specified activities involving cryptocurrency,” as outlined in the company’s submission.
According to Sony Bank’s proposal, the new trust aims to issue stablecoins tied to the U.S. dollar, manage related reserve assets, and offer custody along with digital asset management services.
A growing number of crypto companies are seeking crypto banking charters from the Office of the Comptroller of the Currency. Notable applicants include payment processor Stripe, cryptocurrency exchange Coinbase, stablecoin issuer Paxos Trust, and USDC issuer Circle.
To date, Anchorage Digital Bank is the only entity that has successfully obtained a fully approved de novo OCC charter. However, they faced challenges that led to a cease-and-desist order from OCC in 2022. This order was rescinded this August as regulatory conditions for crypto assets have generally become more favorable for industry growth.
The enactment of the GENIUS Act in America established formal regulations for issuing and trading stablecoins. This legislative move has spurred significant interest among major players within finance and technology sectors eager to join this burgeoning market. Stablecoins serve as digital equivalents of dollars where traditional currency access is limited or unavailable; they facilitate entry into digital trades or enable international payments without direct dollar transactions.
Leading issuers like Tether and Circle have found stablecoin ventures highly profitable; total market capitalization now reaches $312 billion. On Myriad—a prediction platform by Decrypt‘s parent company Dastan—users estimate there’s a 68% likelihood that market value will climb up to $360 billion by February 2026. Sony appears poised at an advantageous moment entering this arena.
Sony Group owns Sony Bank alongside numerous other subsidiaries including Sony Interactive Entertainment—the PlayStation gaming system producer—but these entities operate independently within their extensive corporate portfolio comprising hundreds more businesses worldwide.
Decrypt‘s request for comment received no immediate response from Sony Company representatives regarding recent developments surrounding Connectia Trust plans detailed above;
“In its early operational stages,” Trust Bank “plans involvement with select permissible digital asset activities previously sanctioned under existing national bank legal frameworks,” a statement reads:”””This encompasses issuance linked-to-dollar-stable coins plus corresponding reserves management alongside non-fiduciary custodial offerings related thereto while also providing fiduciary-based asset administration support toward certain affiliates””. ”;
This isn’t first instance demonstrating any form interest cryptocurrencies blockchain technologies emanating across various branches connected directly indirectly throughout entire conglomerate network globally-spanning industries interests beyond mere entertainment-focused pursuits alone altogether combined synergistically over time since inception originally conceived initially planned far back past historical timeline events transpired accordingly thereafter culminating present-day reality seen today manifesting itself future prospects envisioned forward-looking perspectives anticipated upcoming years ahead still remaining unknown yet potentially promising nevertheless overall positive outlook prevailing sentiment shared collectively amongst stakeholders involved ultimately driving progress innovation moving continuously onward ever upwardly advancing technological frontiers explored further unexplored territories ventured forth boldly daringly confidently assuredly determined 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