Sony Bank | Crypto

Sony Bank received preliminary approval from the Office of the Comptroller of the Currency to establish a US stablecoin issuance business, with $40 million in starting capital. Sony Bank, a subsidiary of Sony Financial Group, said it's received preliminary approval to establish a new US national trust bank subsidiary that will issue US dollar-denominated stablecoins. The new unit, Connectia Trust, National Association, gained preliminary approval from the Office of the Comptroller of the Currency (OCC) on July 2. It will be fully owned by Sony Bank and will support the issuance and management of US dollar-denominated stablecoins, according to a Monday announcement by Sony Financial Group. Read more

Sony Bank and JPYC will study real-time transfers enabling customers to buy the yen-pegged stablecoin JPYC directly from their bank accounts. Sony Bank said it has signed a memorandum of understanding with stablecoin issuer JPYC Inc. to study whether the Japanese yen-pegged stablecoin JPYC can be connected more directly to the bank’s deposit rails. In a statement on Monday, the companies said they will study real-time account transfers that would allow users to purchase JPYC instantly from their Sony Bank accounts through the JPYC EX platform, eliminating the need for manual bank transfers.  Sony Bank said its Web3-focused subsidiary, BlockBloom, will play a central role in designing how the bank link, stablecoin rails and potential consumer services would work in practice. Read more