Sumitomo Mitsui Financial Group Inc. to Launch Stablecoin
Sumitomo Mitsui Financial Group Inc., the parent company of Japan’s second-largest bank, has announced plans to launch its own stablecoin in collaboration with Avalanche and Fireblocks. The stablecoin is designed to facilitate immediate, 24/7 cross-border transactions.
Key Partnerships
- The stablecoin will be developed in partnership with Avalanche, a blockchain platform, and Fireblocks, a digital asset security and transfer company.
Market Performance
The Japanese stock market has been trading higher, snapping a three-session losing streak. The gains are attributed to increases across most sectors.
Market Outlook
The market’s performance is cautious ahead of U.S. tariff announcements. Japanese banks may need to offer business turnaround support to companies affected by tariffs, according to the head of the country’s banking lobby.
Key Quotes
- No specific quotes or statements have been made by Sumitomo Mitsui Financial Group Inc. or its partners regarding the launch of the stablecoin or its potential impact on the market.