Picture this: Sumitomo Mitsui Financial Group, the proud parent of Japan’s not-quite-largest-but-still-pretty-big bank, Sumitomo Mitsui Banking Corporation, has decided to throw its hat into the stablecoin ring. 😎
According to a report that Nikkei saw fit to publish on April1,2025 (and no, it wasn’t an April Fool’s joke), the banking juggernaut is cozying up with none other than Avalanche (AVAX) and Fireblocks for a stablecoin escapade. 🤝
And just to clarify, when we say Avalanche, we mean Ava Labs, the merry band of developers behind the Avalanche blockchain. They’re not just playing in the snow, folks. 🌨️
Now, this isn’t SMBC’s first rodeo. Back in2024, they teamed up with a couple of other financial Goliaths—Mitsubishi UFJ Financial Group and Mizuho Financial Group—for a little cross-border stablecoin transfer experiment. Progmat and Datachain were part of the mix too. 🌏
The latest scoop from Nikkei says SMBC is now shaking hands with TIS, a Japan-based IT firm. They’re gearing up for trials in late2025 or early2026. If the stars align, we might see this stablecoin in the wild later that year. 🚀
SMBC isn’t exactly a blockchain newbie. Back in February2019, they dabbled with a blockchain proof of concept for payment commitments on the Marco Polo trade finance platform, courtesy of R3. They weren’t alone either—Commerzbank, BNP Paribas, Anglo-Gulf Trade Bank, Standard Chartered Bank, and Danske Bank were all in on the fun. 🎩
Fast forward to July2020, and SMBC took another step into the blockchain world, teaming up with Contour in Singapore to sprinkle some blockchain magic on their trade finance offerings. ✨
Now, it seems all these blockchain shenanigans have led them straight to stablecoin development. They’re not the only ones, mind you. Big players like JPMorgan and Citi have also been making waves with their permissioned blockchains. 🌊
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2025-04-01 19:35