Japan's Second-Largest Bank SMBC Plans to Launch a Stablecoin
Date: 2025-04-03 Author: Henry Casey Categories: IN WORLD
The project, which is planned to be tested in the second half of 2025, is scheduled to launch the token in 2026. Ava Labs will be creating the blockchain infrastructure, while Fireblocks will ensure the development of the new stablecoin's management system.
SMBC also attracted local IT company TIS for technical support during the testing phase.
It should be noted that this is not the bank's first experience in the field of blockchain technologies and tokens. In 2022, SMBC, in partnership with HashPort, created the Token Business Lab, focused on the development of NFT services. They subsequently tested the release of soulbound tokens designed to verify identity.
In September 2024, SMBC announced plans to launch a cross-border stablecoin pilot project in collaboration with two other major Japanese banks, Mitsubishi UFJ Financial Group and Mizuho Financial Group.
Additionally, in February 2025, reports emerged that the Financial Services Agency of Japan would be revising its cryptocurrency regulations. Possible changes could include classifying digital assets as financial products comparable to securities.
