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| Avalanche |
Japanese Banking Giant Eyes 2025 Release
Mitsui Sumitomo Financial Group (SMBC Group), Japan's second-largest bank, has announced its plans to launch a stablecoin in partnership with Ava Labs and Fireblocks. Ava Labs, the developer of the Avalanche blockchain, will provide the underlying blockchain technology for the stablecoin. Meanwhile, Fireblocks, a cryptocurrency security company, will develop the token management system.
SMBC aims to conduct pilot testing for the project in collaboration with Japanese IT firm TIS in the latter half of 2025, with the stablecoin's official launch slated for the following year. This move signifies SMBC's continued foray into the Web3 space. The bank previously established a token business lab with HashPort in 2022, focusing on non-fungible tokens (NFTs). Furthermore, SMBC has disclosed plans to join Mitsubishi UFJ Financial Group and Mizuho Financial Group in a cross-border stablecoin pilot project.
The development coincides with increased interest in stablecoins in the United States, where pro-cryptocurrency President Donald Trump has emphasized the importance of dollar-based stablecoins and urged lawmakers to establish a clear regulatory framework for their use.