🚨 Another giant joins the stablecoin race
Japan's second largest bank, Sumitomo Mitsui (SMBC), is expected to trial a stablecoin by the end of 2025 and officially launch it in 2026. The goal is to shorten the time and costs for international transactions.
SMBC will collaborate with:
- Ava Labs (the team behind Avalanche): to develop the blockchain platform
- Fireblocks: to handle security and token management.
- TIS Inc.: to provide technical support and system integration.
Since June 2022, Japan has regarded stablecoins as "electronic payment instruments," but only allows licensed banks and institutions to issue them.