Sumitomo Mitsui Financial Group to work with two U.S. firms on stablecoin

CoinRank News: According to Nikkei, Sumitomo Mitsui Financial Group will work with US companies to develop stablecoins pegged to fiat currencies. The group will work with two companies: Ava Labs, the development team of Avalanche, and Fireblocks, which develops digital asset management systems. In addition, the infrastructure of the stablecoin will also be developed with local IT company TIS, and empirical experiments are planned to be carried out in the second half of fiscal 2025. Demand in areas such as inter-enterprise payments will be the focus of exploration, and further progress is expected around fiscal 2026.