SMFG and Partners Explore Stablecoin Commercialization and Applications

According to PANews, a memorandum of understanding has been signed by Sumitomo Mitsui Financial Group (SMFG), Sumitomo Mitsui Banking Corporation (SMBC), TIS, Ava Labs, and Fireblocks to jointly explore the future commercialization and application of stablecoins. The agreement outlines a collaborative effort to develop a framework for the issuance and circulation of stablecoins, focusing on technological, regulatory, and market infrastructure needs. This initiative extends beyond pilot projects to define specific use cases for stablecoins in commercial applications. The collaboration will also investigate the potential use of stablecoins as a settlement tool, including their application in the settlement of tokenized financial and real assets, such as government and corporate bonds and real estate.