Mitsubishi UFJ Financial Group will collaborate with two U.S. companies to develop a stablecoin

BlockBeats News, April 2nd, according to Nikkei News, Sumitomo Mitsui Financial Group will jointly develop a stablecoin pegged to a fiat currency with an American company. The group will collaborate with two companies: one is the development team of Avalanche, Ava Labs, and the other is Fireblocks, which develops a digital asset management system.

In addition, the infrastructure for the stablecoin will also be developed in collaboration with local IT company TIS, with plans to conduct a proof-of-concept experiment in the second half of the fiscal year 2025. The focus will be on the demand in areas such as inter-company payments, with further progress expected around the fiscal year 2026.