PANews reported on April 2 that Sumitomo Mitsui Financial Group (SMFG), Sumitomo Mitsui Banking Corporation (SMBC), TIS, Ava Labs and Fireblocks have signed a memorandum of understanding to jointly explore the future commercialization and application of stablecoins. According to the agreement, the parties will cooperate to develop a stablecoin issuance and circulation framework, focusing on technology, regulation and market infrastructure needs. This discussion will not only be limited to pilot projects, but will also clarify the specific use scenarios of stablecoins in commercial applications.

In addition, the collaboration will explore the potential application of stablecoins as a settlement tool, including for the settlement of tokenized financial assets and real assets (such as government and corporate bonds, real estate).