Sony Bank subsidiary Connectia Trust is applying for a U.S. national banking license

According to Sony's application, its banking division is applying for a U.S. national banking license. Upon approval, its subsidiary, Connectia Trust, will be permitted to conduct "specific businesses involving cryptocurrencies." Sony plans to have the new trust institution issue stablecoins pegged to the U.S. dollar, hold corresponding reserve assets, and provide custody and digital asset management services. The application also states that in its initial operations, the trust bank will conduct digital asset business approved by the Office of the Comptroller of the Currency, including issuing U.S. dollar stablecoins, holding reserves, providing non-trust custody services, and offering trust asset management services to related parties.