Sumitomo Mitsui Launches Stablecoin Project with Ava Labs and Fireblocks

Japan’s second-largest bank, Sumitomo Mitsui Financial Group (SMFG), has partnered with blockchain pioneers Ava Labs and Fireblocks to develop a stablecoin. This innovative project aims to modernize payment systems by leveraging the power of blockchain technology, reducing reliance on traditional methods for cross-border transactions. SMFG is taking the lead, with testing scheduled for late 2025 and a formal launch planned for 2026. The aim is to resolve current inefficiencies in cross-border payments, potentially leading to cost reduction and faster processing times.