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Sony Bank seeks to leverage US federal regulation in its bid to enter the stablecoin space and expand digital asset offerings.
Photo: CQ
Key Takeaways
- Sony Bank, majority-owned by Sony, is seeking a national trust bank charter with the OCC to enable it to issue and manage stablecoins in the US.
- This move marks Sony Bank’s entry into the US stablecoin and digital asset market via federal regulatory channels.
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Sony Bank, a Japanese financial institution majority-owned by Sony, has filed for a national trust bank charter with the Office of the Comptroller of the Currency to issue and manage stablecoins in the US market.
The application represents Sony Bank’s expansion into crypto activities through US regulatory channels. The OCC oversees the chartering of national banks and cryptocurrency custody services.
The OCC has recently approved similar arrangements for other financial institutions. US Bank received approval to provide custody services for reserves backing stablecoins issued by Anchorage Digital Bank.
Bridge, a stablecoin infrastructure provider, has also applied for an OCC national bank trust charter to support tokenized payment solutions, reflecting growing interest among financial firms in federal frameworks for stablecoin operations.
