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Japan's second-largest bank, SMBC, will issue a stablecoin.
Japan’s second-largest bank SMBC will issue a stablecoin
The Sumitomo Mitsui Financial Group, which manages Japan’s second-largest bank SMBC, plans to launch a stablecoin in collaboration with Ava Labs and Fireblocks. This was reported by Nikkei.
The financial institution will test the project in the second half of 2025, and the token release is scheduled for 2026.
Ava Labs will create blockchain infrastructure, while Fireblocks will develop a stablecoin management system.
SMBC also engaged the local IT company TIS for technical support during the tests.
This is not the bank’s first experience in the field of blockchain and tokens. In 2022, SMBC created the Token Business Lab in collaboration with HashPort, focusing on the development of NFT services. Later, they tested the issuance of soulbound tokens for identity verification.
In September 2024, SMBC announced that it plans to launch a pilot cross-border project to create stablecoins in collaboration with two other major Japanese banking institutions — Mitsubishi UFJ Financial Group and Mizuho Financial Group.
Recall that in February 2025, journalists reported that the Financial Services Agency of Japan will revise cryptocurrency legislation, including the possibility of classifying digital assets as financial products “on par with securities.”