Sony Bank’s US subsidiary, Connectia Trust, receives conditional approval from the Office of the Comptroller of the Currency (OCC) to operate as a trust bank and issue a dollar-backed stablecoin, according to reporting from two outlets. The approval is described as a hurdle cleared toward final authorization: Connectia Trust is expected to issue and manage a stablecoin that is pegged to the US dollar, but it must still meet the OCC’s remaining requirements before the stablecoin launch can proceed. Both sources characterize the arrangement as a trust bank setup in the United States, with Connectia Trust acting as the issuer and manager of the dollar-pegged token once it satisfies the regulator’s final conditions. The outlets also note that the timing and ultimate launch depend on whether Connectia Trust completes the OCC’s outstanding approvals and conditions.