According to Nikkei, SMBC, the second largest bank in Japan, plans to launch its own stablecoin with Ava Labs and Fireblocks, the company behind Altcoin Avalanche. The Bank will start experimenting in the second half of this year for a potential launch in 2026.
SMBC will take out stablecoin with Altcoin Avalanche and Fireblocks
According to Nikkei on Tuesday, Sumitomo Mitsui Financial Group, which runs the second largest bank of Japan SMBC, plans to launch a stablecoin in collaboration with AVA Labs and Fireblocks. The report said that SMBC aims to create the “foundation ın of Stablecoin using Blockchain technology of Altcoin Avalanche. In addition, the crypto security firm Fireblocks will develop a management system for tokens.
In the second half of 2025, the banking giant plans to work with the local IT firm TIS to conduct experiments for the project and to draw stablecoin potentially next year. Stablecoins potentially give banks the opportunity to facilitate cross -border payments and reduce transaction costs. On the contrary, the current SWIFT system usually contains intermediaries that lead to higher wages and longer trading times.
SMBC is interested in web3 and blockchain!
Kriptokoin.comAs you have followed, SMBC entered the Web3 field in 2022 with the local company hashport to establish Blockchain services that have previously focused on NFTs. Later in the year, the two companies have announced an export for trial purposes for Soulbound Token, which will be used for authentication and cannot be transferred.
Last year, the SMBC said it plans to launch a cross -border Stablecoin project with Mitsubishi Ufj Financial Group and Mizuho Financial Group, the other two major Japanese banking institutions.
Stablecoins have started to adopt more in the world!
Meanwhile, Japan took early steps to organize stablecoins. In June 2022, the Japanese Parliament accepted changes in the Payment Services Law as “Electronic Payment Tools”. Changes also foresee that only licensed banks, service providers and trust companies would be allowed to export such stablecoins.
Meanwhile, in the United States, the pro -crypto President Donald Trump stressed the importance of encouraging dollar -supported stablecoins. In this respect, Trump called on the deputies to create the necessary regulatory framework to do so. With the upcoming legislation, which will bring additional clarity to the stablecoins in the USA, more traditional banking players will probably join the Stablecoin business. In February, Bank of America CEO Brian Moynihan said that if it was legalized, the bank would “get into this business”.
