Sony Bank secures conditional OCC approval for U.S. stablecoin trust bank
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