Source: Cointelegraph Original: "{title}"
The Sumitomo Mitsui Financial Group (SMBC) and commercial systems company TIS Inc, along with Avalanche network developer Ava Labs and digital asset infrastructure company Fireblocks, have signed an agreement to jointly explore the framework for commercializing stablecoins in Japan.
According to a joint announcement, based on a memorandum of understanding, these companies will focus on developing strategies for the issuance and circulation of stablecoins pegged to the US dollar and Japanese yen.
Additionally, this collaboration will explore settlement mechanisms for tokenizing physical assets such as stocks, bonds, and real estate using stablecoins.
As countries push stablecoins to the forefront of their digital asset strategies, stablecoins continue to be a major focus of global crypto regulatory frameworks and are one of the areas venture capitalists are paying attention to in 2025.
Overview of the stablecoin market. Source: RWA.XYZ
At the White House cryptocurrency summit on March 7, US Treasury Secretary Scott Bessent stated that comprehensive stablecoin regulation is central to President Trump's established goal of making the US a global leader in cryptocurrency.
Bessent noted that stablecoins will help protect the dollar's hegemonic position in global markets by expanding the use and reach of the dollar worldwide.
Centralized over-collateralized stablecoins rely on short-term US Treasury bonds and fiat currency held by banks to support the value of tokenized physical assets.
Tether's CEO Paolo Ardoino stated that the company is now the seventh-largest buyer of US Treasury bonds, surpassing sovereign nations such as France, Singapore, Belgium, and the UK.
Tether is now the seventh-largest buyer of US Treasury bonds. Source: Paolo Ardoino
Stablecoin issuers like Tether and Circle earn profits from holding US debt instruments, which are part of the profits from issuing tokenized fiat assets to buyers.
Recently, there has been a growing call for sharing stablecoin profits with customers, with industry leaders including Coinbase CEO Brian Armstrong proposing amendments to US stablecoin laws to allow companies to distribute profits to customers on-chain.
US Senator Kirsten Gillibrand disagreed with these proposals and warned against stablecoin issuers sharing profits with customers, arguing that it would replace the banking industry and disrupt housing mortgages, small business loans, and local bank loans.
Related: The wave of stablecoin issuance is coming; what does the future hold for the hundred billion dollar market?
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