Sony Bank to Establish US Trust Subsidiary, Receives Conditional Approval from OCC

Laying the Groundwork for US Dollar Stablecoin Business

During its board meeting on the 6th, Sony Financial Group International (SFGI) resolved that its consolidated subsidiary, Sony Bank, will establish a trust subsidiary in the United States. Sony Bank has applied to the US Office of the Comptroller of the Currency (OCC) for the establishment of the trust subsidiary and has received conditional approval as part of the review process.

The newly established trust subsidiary will prepare for the commercialization of issuing and managing US dollar-denominated stablecoins in the United States...