Sony Applies to Establish National Crypto Bank, Issue Stablecoin for US Dollar

An anonymous reader shared this report from Cryptonews:

Sony has taken Wall Street by surprise after its banking division, Sony Bank, filed an application with the U.S. Office of the Comptroller of the Currency (OCC) to establish a national crypto bank under its subsidiary 'Connectia Trust.' The move positions the Japanese tech giant to become one of the first major global corporations to issue a U.S. dollar-backed stablecoin through a federally regulated institution. The application outlines plans to issue a U.S. dollar-pegged stablecoin, maintain the reserve assets backing it, and provide digital asset custody and management services.

The filing places Sony alongside an elite list of firms, including Coinbase, Circle, Paxos, Stripe, and Ripple, currently awaiting OCC approval to operate as national digital banks. If approved, Sony would become the first major global technology company to receive a U.S. bank charter specifically tied to stablecoin issuance....

The Office of the Comptroller of the Currency 'has received over 15 applications from fintech and crypto entities seeking trust charters,' according to the article, calling it 'a sign of renewed regulatory openness' under the office's new chief, a former blockchain executive.

Meanwhile, the United States has also 'conditionally given the nod to a new cryptocurrency-focused national bank launched by California tech billionaire Palmer Luckey,' reports SFGate:

To bring the bank to life, Luckey joined forces with JoeLonsdale, co-founder of Palantir and venture firm 8VC, and financial backer and fellow Palantir co-founder Peter Thiel, according to the Financial Times. Luckey conceived the idea for Erebor following the collapse of the Silicon Valley Bank in 2023, the Financial Times reported. The bank's name draws inspiration from J.R.R. Tolkien's 'The Hobbit,' referring to another name for the Lonely Mountain in the novel...

The OCC said it applied the 'same rigorous review and standards' used in all charter applications. The ['preliminary'] approval was granted in just four months; however, compliance and security checks are expected to take several more months before the new bank can open.

'I am committed to a dynamic and diverse federal banking system,' America's Comptroller of the Currency said Wednesday, 'and our decision today is a first but important step in living up to that commitment.'

'Permissible digital asset activities, like any other legally permissible banking activity, have a place in the federal banking system if conducted in a safe and sound manner. The OCC will continue to provide a path for innovative approaches to financial services to ensure a strong, diverse financial system that remains relevant over time.'

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