PANews reported on April 2nd 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 collaborate on developing a framework for stablecoin issuance and circulation, focusing on technological, regulatory, and market infrastructure requirements. The discussion is not limited to pilot projects and will also clarify specific use cases for stablecoins in commercial applications.

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