#connectia trust, national association

The post Sony Bank Secures Preliminary Approval for US Stablecoin Business appeared on BitcoinEthereumNews.com. 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. The approval signals Sony’s entry into regulated US stablecoin issuance, part of a long-term digital asset business foundation, which it is backing with $40 million in starting capital. Sony Bank said that no business activities or stablecoin issuance will be conducted until all approvals and authorizations are received, including the final approval from the OCC. T

The post Sony Bank secures conditional OCC approval for U.S. stablecoin trust bank appeared on BitcoinEthereumNews.com. Technology giant Sony’s online banking unit said it received conditional approval to establish a U.S. national trust bank subsidiary to support the issuance and management of dollar-denominated stablecoins. The planned unit, Connectia Trust, National Association, will be based in New York and capitalized with $40 million, according to a Sony Financial Group announcement. Sony Bank will own 100% of the subsidiary. The move comes as stablecoin usage is surging. Transaction volume hit a $1.79 trillion record last month, 63% more than in May and more than double the year-earlier level, according to Visa’s onchain dashboard. With dollar-pegged tokens accounting for more than 99% of the total $311 billon market capitalization, according to DeFiLlama data, it may be a difficult market to crack. Not only do market leaders USDT and USDC alone account for about $250 billion of