DMM Group and Progmat team up to launch regulated stablecoin

Japanese entertainment company DMM Group has partnered with digital asset platform Progmat to create a new stablecoin, which will be integrated into the Seamoon Protocol, a Web3 network focused on culture and entertainment.

The collaboration is part of a broader effort to enhance the user experience within the Seamoon ecosystem, which includes popular video games, movies, and TV shows.

The development of this stablecoin follows the introduction of new regulations by the Japanese parliament in June 2023.

These regulations set the framework for the issuance and management of digital currencies, and DMM Group, along with Progmat, is conducting a joint study to ensure the stablecoin meets these regulatory standards.

The stablecoin will be minted on the Progmat Coin platform once the study is completed.

The primary role of the stablecoin will be to serve as a reserve currency for the Seamoon Protocol’s treasury.

Additionally, it will help stabilise the value of a new cryptocurrency that is planned to be used as the main payment method within the Seamoon network.

This approach is expected to provide a stable and secure financial environment for users engaging with the network’s digital content.

DMM Crypto, a subsidiary of DMM Group, is expected to be instrumental in integrating the stablecoin into the Seamoon Protocol.

Nagato Kasaki, CEO of DMM Crypto, emphasised the importance of this project in building a community that actively engages with DMM’s cultural offerings.

He pointed out that the stablecoin will play a crucial role in achieving the network’s goals.

Kasaki also acknowledged the significant contribution of Progmat in providing the necessary expertise and resources for the project.