Market news: Sumitomo Mitsui Financial Group will collaborate with two American companies to develop a stablecoin

ChainCatcher news, according to Nikkei, Sumitomo Mitsui Financial Group will jointly develop a stablecoin pegged to fiat currency with American companies. The group will collaborate with two companies: one is the Avalanche development team Ava Labs, and the other is Fireblocks, which develops digital asset management systems.

In addition, the infrastructure for the stablecoin will also be developed in conjunction with the local IT company TIS, with plans to conduct empirical experiments in the second half of the fiscal year 2025. The demand in areas such as inter-company payments will be a key focus of exploration, with further advancements expected around the fiscal year 2026.