SMBC Set to Launch Stablecoin Project in Collaboration with Avalanche

Sumitomo Mitsui Financial Group, parent company of Japan’s second-largest bank Sumitomo Mitsui Banking Corporation, is preparing to launch its own stablecoin. This initiative will involve collaboration with the crypto project Avalanche (AVAX) and Fireblocks. The plan was detailed in a report by Nikkei published on April 1, 2025.