Planet Daily News: Sumitomo Mitsui Financial Group will develop a stablecoin pegged to legal tender in collaboration with American companies. The group will partner with two companies: first, Ava Labs, the development team of Avalanche, and second, Fireblocks, which develops digital asset management systems. Additionally, the stablecoin infrastructure will be developed together with local IT company TIS, with plans to conduct proof-of-concept experiments in the second half of fiscal year 2025. The focus will be on exploring demand in areas such as inter-enterprise payments, with further advancement expected around fiscal year 2026. (Nikkei News)