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Sony Shocks Wall Street: Tech Giant Seeks U.S. Bank License to Issue Its Own Stablecoin
Yahoo Finance· 2025-10-16 12:12
Core Insights - Sony's banking division, Sony Bank, has applied to establish a national crypto bank under its subsidiary "Connectia Trust," aiming to issue a U.S. dollar-backed stablecoin [1][2] - If approved, Sony would be the first major global technology company to receive a U.S. bank charter specifically for stablecoin issuance, joining other firms like Coinbase and Ripple in seeking OCC approval [2][4] - The move reflects the evolution of stablecoins into mainstream financial instruments, particularly following the passage of the GENIUS Act, which established a federal framework for stablecoin issuers [3] Company Plans - The application details plans to issue a U.S. dollar-pegged stablecoin, maintain reserve assets, and provide digital asset custody and management services [2][4] - Sony Bank intends to engage in permissible digital asset activities, including the issuance of stablecoins and maintenance of reserve assets, as well as non-fiduciary digital asset custody services [5] Regulatory Context - The OCC is the sole regulator that can issue a national bank charter, allowing firms to operate banking activities across all U.S. states under one license, which is crucial for crypto firms seeking legitimacy [6] - An OCC charter provides access to the Federal Reserve's payment systems and enhances credibility with institutional partners [6]
X @Circle
Circle· 2025-08-28 16:00
Circle Alliance Program member @AminaBankGlobal is helping bridge traditional and digital finance with crypto banking.By supporting access to @USDC and EURC, AMINA helps individuals and institutions to transact with confidence across a global infrastructure.https://t.co/5g5jXD2WTJ ...