Sumitomo Mitsui to Launch Fiat-Pegged Stablecoin in Japan

Sumitomo Mitsui Financial Group (SMFG) is set to develop a fiat-pegged stablecoin for use within Japan’s digital payment infrastructure. This move signals a growing institutional interest in cryptocurrencies and aims to streamline transactions through the new cryptocurrency system. The group, working closely with financial officials and experts, is focused on ensuring compatibility with existing regulations and systems. Analysts believe this development will contribute to increased adoption of digital currency across financial markets, potentially paving the way for broader application in various industries.