US Treasury Secretary: I do not advocate that the Fed reduce its balance sheet or abandon its ample reserve system

- Sony Bank's subsidiary Connectia Trust seeks U.S. national banking charter to issue dollar-pegged stablecoins and custody digital assets. - The move aligns with the GENIUS Act's federal framework requiring 1:1 reserves and monthly audits for stablecoin compliance. - Sony leverages blockchain expertise and aims to disrupt Tether/USDC dominance through tech-financial hybrid operations. - Regulatory scrutiny and competition from established players like Stripe and Ripple pose key challenges to approval.