Overview
- Sony Bank applied in October to form Connectia Trust, which would issue a dollar‑pegged stablecoin, hold reserve assets, and provide digital‑asset custody.
- The Independent Community Bankers of America asked the OCC to deny the charter, arguing the stablecoin would mimic deposits without deposit insurance or Community Reinvestment Act obligations.
- The ICBA said the plan appears to push beyond fiduciary‑only limits of a national trust bank, citing debit‑card‑like functionality and potential conflicts under the Bank Holding Company Act tied to Sony Group’s ownership.
- The group warned the OCC has not resolved an uninsured national bank since 1933 and cautioned that a complex crypto failure could permanently strand customer assets.
- Industry voices criticized the objections as protectionist, the OCC review remains pending, and observers say the outcome will influence other charter bids from firms such as Coinbase, Circle, Ripple, Paxos, and Bridge as the stablecoin market tops $311 billion.