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US Banking Group Opposes Sony Bank’s Stablecoin Venture

US Banking Group Opposes Sony Bank’s Stablecoin Venture

Author:

Global Cryptocurrency

Published:

2025-11-14 04:35:01

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BTCCSquare news:

The Independent Community Bankers of America (ICBA) has urged the Office of the Comptroller of the Currency (OCC) to reject Sony Bank's application to establish Connectia Trust, a federally chartered institution aimed at issuing a dollar-pegged stablecoin. The ICBA argues that the proposal misinterprets trust bank powers and could mislead customers into conflating stablecoins with bank deposits.

Sony Bank's move would place it alongside major firms like Coinbase, Circle, and Ripple in seeking national digital bank status. The ICBA contends that trust charters are intended for fiduciary services, not deposit-like products, and warns of regulatory overreach.

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