Sony Applies for US National Banking Charter to Enter Crypto Sector

Sony is advancing into the crypto banking sector through its financial division, Sony Bank. The company has submitted an application to US regulators for a national banking charter via Connectia Trust.

• Sony plans to engage in activities like issuing US dollar-backed stablecoins, maintaining reserves, and offering custody and fiduciary management for digital assets.
• The application to the Office of the Comptroller of the Currency (OCC) highlights that Sony's proposed activities align with those approved for other national banks.
• Approval would place Sony among companies like Stripe, Coinbase (COIN), Paxos, and Circle (CRCL) pursuing federal crypto banking licenses. Currently, Anchorage Digital Bank has full approval.
• If successful, Connectia Trust could become a pioneering tech-bank hybrid authorized to issue regulated stablecoins in the US.

This move builds on Sony’s previous ventures in digital assets, including a collaboration with Startale Labs to launch Soneiun, an Ethereum Layer-2 network for decentralized applications.