Progmat and DMM to launch regulated stablecoin for Seamoon Protocol

Japanese stablecoin platform Progmat and online entertainment group DMM plan to launch a new stablecoin on Programat’s coin platform. The stablecoin will be utilized within the Seamoon protocol following all of Japan’s digital asset regulations.

DMM and Progmat collaborate to create a new stablecoin

DMM and Progmat will begin a study to issue a new stablecoin that complies with Japanese regulations established in June 2023. After completing the study, the two companies plan to launch the stablecoin on Progmat’s coin platform.

DMM Crypto, a subsidiary of the conglomerate DMM Group, will then integrate the stablecoin within Seamoon Protocol, an interoperable Web3 network for Japanese culture and entertainment, including video games, anime, movies, and TV shows.

Nagato Kasaki, the CEO of DMM Crypto, remarked on the set collaboration, expressing their intention to use the Seamon Protocol to share DMM’s cultural space with the world and to allow users to gain new experiences.  He said the platform’s ability to create new assets, like the planned stablecoin, will help the company elevate cultural user experiences. 

The new stablecoin will be released in phases

The stablecoin will be deployed within the Seamoon protocol in three stages . In the first stage, the SMP coin, DMM’s latest creation, set to launch in the third and fourth quarters of this year, will be the primary means of payment within the Seamoon Protocol and DMM’s more extensive companies. The DMM stablecoin will then help to stabilize SMP’s prices. 

In phase 2, both the SMP and the stablecoin will be payment modes between DMM Crypto and its partners, while in phase 3, the stablecoin will serve a larger audience. It will be a payment method for selected business partners and users.

Progmat is experienced with stablecoin projects, having partnered with Mitsubishi UFJ Financial Group (MUFG) since its inception in 2022. Together, they have developed yen- and US dollar-pegged stablecoins and collaborated with KlimaDAO to create a carbon credits trading platform in Japan.