Sony Moves Closer to Launching Its Own Stablecoin

Sony has taken another major step toward entering the stablecoin market. Sony Bank, the group's online banking arm, has received conditional approval to establish a national trust bank in the United States that will support the issuance and management of U.S. dollar-backed stablecoins.

The new entity, Connectia Trust, National Association, will be headquartered in New York and will launch with $40 million in capital. Sony Bank will be its sole owner.

However, the bank will not begin operations immediately. Sony emphasized that Connectia Trust will only be able to start operating—including issuing stablecoins—after obtaining all required regulatory approvals, including final authorization from the U.S. Office of the Comptroller of the Currency (OCC). The current approval is conditional and does not mark the official launch of the project or the issuance of any token.

Sony is entering a rapidly expanding market that is already highly competitive. According to Visa, stablecoin transaction volume reached a record $1.79 trillion last month, up 63% from May and more than double the level recorded a year earlier.

Data from DeFiLlama shows that U.S. dollar-backed stablecoins account for more than 99% of the $311 billion stablecoin market. USDT and USDC continue to dominate the sector, with a combined market capitalization of around $250 billion. At the same time, new competitors continue to emerge. Bridge, owned by Stripe, along with Paxos and Circle Internet, have also received conditional approval from the OCC to establish federal trust banks in the United States.