Mitoi Financial Group (SMFG), the holding company of Mitsui Banking Corporation (SMBC), Japan’s second largest bank, is planning to announce its own stubcoin. The effort reportedly includes a partnership between AVA Labs, the creator of avalanche blockchain, and Fireblocks, a platform for storing and transferring digital assets.
The purpose of this initiative is to provide 24/7 cross-border payments that can reduce reliance on legacy infrastructures like Swift.
SMBC plans to partner with Japanese IT company TIS to conduct pilot testing of the Stablecoin project in the fourth quarter of 2025 or early 2026. If the test is successful, the actual publication will continue later this year. The bank’s shift to stubcoin is part of a larger trend in the financial industry, with major banks like JPMorgan and Citi exploring similar blockchain solutions to create better and faster payment systems.
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