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SMBC to Explore Stablecoin Development through Partnership with Ava Labs
04/27/25, 3:13 AM
Location
new yorkIndustry
banking
lending
fintech
finance
financial services
Type
partnership
Sumitomo Mitsui Banking Corporation (SMBC), Japan's second-largest bank, is set to explore the launch of its own stablecoin through a partnership with blockchain firm Ava Labs and crypto security provider Fireblocks. The bank intends to begin experiments in the latter half of 2025, with a potential launch date targeted for 2026, focusing on enhancing cross-border payment efficiency and lowering transaction costs.
Company Info
Location
new york, united states
Additional Info
SMBC Group is a top-tier global financial group with a 400-year history, offering a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. It has more than 150 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan.
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