Sony Bank to Launch US Trust Subsidiary for Stablecoin Business

MT Newswires Live07-06

Sony Financial Group's (TYO:8729) banking subsidiary, Sony Bank, will establish a U.S.-based trust company called Connectia Trust, National Association, to pursue dollar-denominated stablecoin issuance and management.

The move aims to build a long-term digital asset foundation for the Sony Financial Group, with Sony Bank securing conditional approval from the office of the Comptroller of the Currency, according to a Tokyo bourse filing on Monday.

The subsidiary, capitalized at $40 million or 6.4 billion yen, is slated for establishment in July, though no business activities, including stablecoin issuance, will commence until final regulatory approval is obtained.

Sony Bank will hold 100% ownership of the new entity, which will become a specified subsidiary of Sony Financial Group upon establishment.

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