SMBC Partners with Ava Labs to Issue Stablecoins in Japan

Japan’s second-largest bank, Sumitomo Mitsui Banking Corporation (SMBC), is joining forces with blockchain technology company Ava Labs to launch stablecoins within the country. This move aligns with Japan’s push for regulated digital assets and utilizes Avalanche’s scalable blockchain platform for a compliant environment. SMBC aims to create stablecoins pegged to Japanese Yen using Avalanche’s subnet feature, allowing operations in a private and secure space.