Sony’s banking division, Sony Bank, has taken Wall Street by surprise by filing 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 Sony, a Japanese tech giant, to potentially 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. This initiative places Sony alongside an elite list of fintech and crypto entities, including Coinbase, Circle, Paxos, Stripe, and Ripple, which are 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.
Meanwhile, the U.S. federal government has also given “conditional approval” to a new cryptocurrency-focused national bank launched by California tech billionaire Palmer Luckey, according to reports from SFGate. To bring the bank to life, Luckey has joined forces with JoeLonsdale, co-founder of Palantir and venture firm 8VC, and financial backer and fellow Palantir co-founder Peter Thiel, as reported by the Financial Times. The bank, named Erebor, draws inspiration from J.R.R. Tolkien’s “The Hobbit,” referring to another name for the Lonely Mountain in the novel. The bank’s concept arose following the collapse of the Silicon Valley Bank in 2023, according to the Financial Times. The OCC stated that it applied the “same rigorous review and standards” used in all charter applications for the bank. While preliminary approval was granted in just four months, compliance and security checks are expected to take several more months before the new bank can open.
The Comptroller of the Currency emphasized, “I am committed to a dynamic and diverse federal banking system,” stating that “our decision today is a first but important step in living up to that commitment.” The OCC also noted that “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’s new chief, who previously held a role in the blockchain industry, has signaled a shift in regulatory openness, as the office has received “over 15 applications from fintech and crypto entities seeking trust charters,” according to the article. This growing interest in digital banking services highlights the potential for more firms to participate in the evolving financial landscape and reshape the future of financial systems with the inclusion of innovative approaches to financial services.