SMFG to Launch Yen-Pegged Stablecoin in 2025

Edited by: Yuliya Shumai

Sumitomo Mitsui Financial Group (SMFG), parent company of Japan's second-largest bank, plans to launch a Yen-pegged stablecoin in the second half of 2025. The initiative aims to modernize cross-border payments, reducing reliance on traditional systems. Ava Labs will lead blockchain development, while Fireblocks will handle token issuance and security. The stablecoin market cap has grown 56% over the past year, reaching $234.6 billion.

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