Sony Bank, an internet-only bank affiliated with Japan's Sony Group, is launching a full-scale cryptocurrency banking business following approval from US financial authorities. With one of the world's leading financial institutions entering the digital asset market, competition in the stablecoin market is expected to intensify in Japan's financial sector.
According to Decrypt, Sony Bank recently applied for authorization from the Office of the Comptroller of the Currency (OCC) and is currently pursuing the issuance of dollar-pegged stablecoins and cryptocurrency custody and management services. This project will be carried out through Sony Bank's subsidiary, Connectia Trust, and aims to establish a new digital asset service model that combines banking infrastructure and blockchain technology.
Currently, major global fintech companies such as Stripe, Coinbase, Paxos, and Circle have applied for OCC approval, while Anchorage Digital is the only one to have received formal approval. If Sony Bank receives approval, it will become the first Japanese financial institution to secure a legal cryptocurrency banking model in the United States.
Sony's latest move is seen as an attempt to go beyond simple overseas expansion and establish a new payment network that connects traditional finance and digital assets. With major Japanese financial institutions accelerating their blockchain infrastructure strategies, including Mitsubishi UFJ (MUFG)'s Programat and SBI Holdings' Web3 payment service, Sony's addition to the mix is ushering in a full-blown competition in the stablecoin and tokenization space within the Japanese financial sector.
