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Sumitomo Mitsui Financial Group to Develop Fiat-Pegged Stablecoin
Key Points:* Sumitomo Mitsui initiates stablecoin development with Ava Labs and Fireblocks.
Japan’s Banking Giant Leverages Blockchain for Stablecoin Launch
Sumitomo Mitsui, Japan’s second-largest banking venture, partners with Ava Labs and Fireblocks to introduce a stablecoin tied to fiat currency. Expected in the second half of fiscal year 2025, experiments will involve collaboration with IT firm TIS. The stablecoin will be issued on the Avalanche blockchain, potentially enhancing the AVAX ecosystem. The primary focus includes corporate payments, bypassing traditional systems such as SWIFT. Toru Nakashima, President & Group CEO of SMBC Group, stated, “This collaboration is an important step toward enhancing financial efficiency in Japan and globally, by leveraging stablecoins as tools for settlement of tokenized assets like corporate bonds and real estate.”
Stablecoin Potential: Transforming Global Financial Infrastructure
Key figures, including Emin Gün Sirer, CEO of Ava Labs, highlighted the transformative power of stablecoins for global financial infrastructure. Stablecoins could streamline tokenized asset settlements, broadening their financial applications.
Avalanche’s cryptocurrency (AVAX) recently traded at $19.48, holding a market cap of $8.08 billion and experiencing a 14.67% increase in 24-hour trading volume, as sourced from CoinMarketCap. Price movements exhibit a 0.66% decline over 24 hours and a significant 51.29% drop over 90 days. Coincu analysts suggest regulatory changes under Japan’s Payment Services Act have improved conditions for stablecoin integration into traditional finance. The collaboration signals a move toward more efficient financial systems, leveraging blockchain technology’s capabilities for wider applications in tokenized finance.
Regulatory support boosts stablecoin projects.
Historical Context, Price Data, and Expert Insights
Did you know? JP Morgan’s introduction of JPM Coin marks similarities in stablecoin usage for cross-border payments, an application that Sumitomo Mitsui now explores, indicating disruptive potential for banking systems.
Avalanche’s cryptocurrency (AVAX) recently traded at $19.48, holding a market cap of $8.08 billion and experiencing a 14.67% increase in 24-hour trading volume, as sourced from CoinMarketCap. Price movements exhibit a 0.66% decline over 24 hours and a significant 51.29% drop over 90 days.