Ava Labs & Fireblocks Join Forces with SMBC for New Stablecoin Project

TL;DR Sumitomo Mitsui Financial Group is collaborating with Ava Labs and FireBlocks to develop a stablecoin with blockchain infrastructure. The supply of stablecoins on Avalanche increased by 70% in one year, but the lack of DeFi usage prevented it from boosting AVAX demand. Nansen analysts predict the crypto market could bottom out before June if. . . source: https://crypto-economy.com/ava-labs-fireblocks-join-forces-with-smbc-for-new-stablecoin-project/