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Sumitomo Mitsui Plans Stablecoin With Ava Labs and Fireblocks
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According to a report by Nikkei, SMFG, which operates Japan’s second-largest bank, SMBC, is partnering with Ava Labs and Fireblocks to develop a new stablecoin.
The stablecoin project aims to make cross-border payments faster and cheaper.
SMFG Builds Stablecoin with Ava Labs & Fireblocks
Ava Labs, the team behind the Avalanche blockchain, will lay the foundation for the stablecoin’s blockchain infrastructure. Meanwhile, Fireblocks, a leader in crypto security, will build a management system for the tokens. The plan is to start testing the project in the second half of 2025 with local IT firm TIS, with a potential launch sometime in 2026.
Stablecoins offer banks a way to move money across borders without the usual headaches. Today, the SWIFT system is the go-to for international transactions, but it often requires multiple intermediaries, leading to higher fees and slower processing times. With stablecoins, banks could cut out the middlemen and speed things up—potentially saving businesses and consumers both time and money.
Sumitomo Mitsui Banking Corporation (SMBC), one of the largest banks ($1.7 trillion) & TIS are building on @avax
The agreement is centered around developing a framework for stablecoin issuance and circulation
pic.twitter.com/7JKiEpkx2x
— Luigi D’Onorio DeMeo
For SMFG, this move isn’t just about keeping up with the times—it’s about leading the charge in financial innovation. Major banks worldwide are exploring blockchain technology, and Japan’s financial sector is no exception. By teaming up with Ava Labs and Fireblocks, SMFG is ensuring that its stablecoin will be secure, efficient, and ready for real-world use.
More About Stablecoins
Aptos’s stablecoin market cap has reached a new all-time high of $1.05 billion, driven by strong growth in its ecosystem. Since the start of the year, stablecoin supply on Aptos has been surging, with USDT leading at $680.3 million and USDC following at $284.5 million.
.@Aptos stablecoin market cap has hit a new high of $1.05B.
The ecosystem’s stablecoin supply has been surging since the beginning of this year, led by $USDT at $680.3M and $USDC at $284.5M.
In just 1 month, USDC on the network has seen a 111% increase, highlighting strong… pic.twitter.com/qRZ0oFQgTG
— Token Relations
(@Token_Relations) April 1, 2025
This milestone highlights the increasing demand for stable assets on the Aptos network, signaling growing adoption and liquidity.
Disclaimer
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April 2, 2025 at 09:33AM
April 2, 2025 at 09:36AM
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