Sony Gets Conditional OK for US-Based Stablecoin Bank

Sony Bank has received conditional approval to launch a U.S.-based stablecoin bank. The Japan-based financial institution this week announced it had a tentative green light from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank. The new business, known as Connectia Trust, National Association, will be capitalized with $40 million, with Sony Bank owning 100% of the subsidiary, the announcement said.