Sony Wants Its Own Crypto Bank Too

Group 1: Company Developments - Sony's banking division has filed for a national banking charter to allow its subsidiary, Connectia Trust, to engage in specified cryptocurrency activities [1] - Sony Bank intends to issue U.S. dollar-pegged stablecoins, maintain corresponding reserve assets, and provide custody and digital asset management services [1][7] - Sony Group, which owns Sony Bank, also has interests in the gaming industry through Sony Interactive Entertainment, but these businesses operate separately [6] Group 2: Industry Context - There is a growing trend of crypto firms applying for banking charters from the Office of the Comptroller of the Currency, including notable companies like Stripe, Coinbase, Paxos Trust, and Circle [2] - Anchorage Digital Bank is currently the only firm to have acquired a fully approved OCC charter, although it faced regulatory challenges in the past [3] - The passage of the GENIUS Act has established a regulatory framework for stablecoins, prompting increased interest from major players in finance and tech [4] Group 3: Market Insights - The stablecoin market has a total capitalization of $312 billion, with predictions suggesting it could grow to $360 billion by February 2026, indicating a favorable entry point for Sony [5] - Stablecoins serve as digital dollar equivalents, facilitating transactions in markets where access to dollars is limited [4]