Sony Bank wins US stablecoin approval

• Sony Bank won preliminary US approval to launch a stablecoin business with US$40 million in capital.
• The new unit will issue US dollar stablecoins after receiving final regulatory approval.
• The move expands Sony's digital asset plans as more banks adopt stablecoin technology.

Sony Bank, part of Sony Financial Group, received preliminary approval to create a US trust bank that will issue US dollar stablecoins.

The new business, Connectia Trust, National Association, will start with US$40 million in capital and launch after final approval.

Sony Bank said the new unit will issue and manage US dollar stablecoins as part of its long-term digital asset strategy.

The bank also signed an agreement with JPYC in March to study links between a yen-backed stablecoin and its banking system.

Standard Chartered and Circle recently launched a service that lets institutions mint and redeem USDC through the bank's platform.

US stablecoin rules remain under debate as Congress continues considering the CLARITY Act and banks push for changes to the proposed framework.