Japan's Sumitomo Mitsui Bank plans to launch a stablecoin in cooperation with Ava Labs

 according to Nikkei News on Tuesday, Mitsubishi UFJ Financial Group, which operates Mitsui Sumitomo Bank, plans to collaborate with Ava Labs and Fireblocks to launch a stablecoin. The team behind Avalanche, Ava Labs, intends to use blockchain technology to establish the "foundation" of the stablecoin, while the crypto security company Fireblocks will provide token development management system. The banking giant plans to collaborate with local IT company TIS to conduct experiments on the project in the second half of 2025 and may issue the stablecoin next year.