Sony Applies to Establish National Crypto Bank, Issue Stablecoin for US Dollar (cryptonews.com)
- Reference: 0179830768
- News link: https://news.slashdot.org/story/25/10/19/1749212/sony-applies-to-establish-national-crypto-bank-issue-stablecoin-for-us-dollar
- Source link: https://cryptonews.com/news/sony-seeks-u-s-bank-license-to-issue-its-own-stablecoin/
> 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.
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> The filing places Sony alongside an elite list of firms, including [2]Coinbase , [3]Circle , [4]Paxos , Stripe, and [5]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," [6]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 [7]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...
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> 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 [8]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."
[1] https://cryptonews.com/news/sony-seeks-u-s-bank-license-to-issue-its-own-stablecoin/
[2] https://cryptonews.com/news/coinbase-applies-for-national-trust-charter-to-expand-regulated-crypto-services/
[3] https://cryptonews.com/news/circle-moves-to-launch-national-trust-bank-after-ipo/
[4] https://cryptonews.com/news/trumps-crypto-empire-makes-1-5b-bet-on-its-own-wlfi-token/
[5] https://cryptonews.com/news/ripple-us-bank-license-rlusd-stablecoin/
[6] https://www.sfgate.com/tech/article/california-tech-billionaire-bank-21104988.php
[7] https://www.ft.com/content/8c903f2e-42a6-496b-b098-ca733f340ffc
[8] https://occ.gov/news-issuances/news-releases/2025/nr-occ-2025-101.html
Re: (Score:2)
> If it's one thing life has taught me instead old people suck. And that includes me.
I don't agree. The reality is that most people suck. With old ones and very young ones, it is just more visible.
Re: (Score:2)
Naa. Most people are born dumb, live dumb and die dumb. The average human lifespan is far, far too short to get wisdom.
Re: (Score:1)
I'm not asking for wisdom I'm asking for people to learn a God damn thing in 50 years. I don't think that's unreasonable.
It's not just at most people don't learn it's that they are actively hostile to it. They choose ignorance over knowledge because ignorance feels good.
How the mighty have fallen (Score:2)
I remember a time when Sony deserved the greatest respect
Re: (Score:2)
I do too. A long, long time ago.
Re: (Score:2)
Indeed, I wouldn't be surprised if their "Crypto Bank" comes with an "App" containing a root-kit and/or other forms of malware. A company installing root-kits on their customer's computers once will do it again.
Sony wants to print money? (Score:2)
Sure, and they are entirely trustworthy and never had, say, their complete corporate email system hacked.
Re: (Score:2)
That makes them about as qualified as any other bank. At least Sony only let out email addresses. Bank of America let out credit card information.
corporations just want to make money (Score:2)
Corporations single responsibility is to their shareholders to increase owners equity. Period. When the US under Trump relaxed the rules leaving virtually zero accountability over $shitcoins, any company can jump in to rack the stupid over the coals. It's (normally) the job of government to protect the people from the unscrupulous through regulation. However, since this administration, and it's cult followers, the GOP, are for sale to the highest bidder. (not that the Dems are much different, just l
Re: (Score:2)
by bowing, kissing the ring, pledging fealty, and paying the tithing, all the oligarchs enable our "dear leader" - and are richly rewarded through government contracts, tariff exemptions, and having Bondi's justice department turn a blind eye to any illegal activity.
bastion of security (Score:2)
Oh yes, Sony, that Bastion of Security. Sony is of course well known for making choices in the interests of its audience, like rootkits. Sony is also well know for not fending off countless cyber incidents.
Why wouldn't I trust them with my cash?
Digital assets: backed by chains of nothingness! (Score:2)
Crypto currency is both a symptom and potential amplifier of deep structural defects in the real economy. Stablecoins promise stability by being pegged to the US dollar. Under something called Decentralized finance (DeFi) are being used collateral for loans. Presumably to be used to buy more Stablecoins. If the collateral’s market value drops below a required threshold then the loan can be partially or wholly liquidated. Such a drop can be triggered by a run on other people redeeming their stablecoins
No chains needed for Paypal's stablecoin (Score:1)
You exaggerate, no chains needed when they generated 300 Trillion dollars worth of Paypal stablecoins! A mistake, but if done on purpose, the next step is to convert to every available digital currency asap, crashing them all.
Re: (Score:1)
it's incredible that you are able to get the structure of the fed, the treasury, private corporation structure, JFK, greenbacks and LBJ completely wrong on the facts, pass it off as confidently correct and then sprinkle a conspiracy on top of that. 9 sentences and every one of them wrong but it's so much bullshit why should anyone waste time correcting it when youll just fire back another 10 incorrect points
this is the game, malicious or stupid. malicious stupidity on display