- Financial Stability in DMM’s Web3 Ecosystem
- Stablecoin Development and Regulations in Japan
- About the Progmat Platform and Its Partner Projects
Japanese stablecoin platform Progmat and e-commerce and entertainment group DMM.com have agreed to study the issuance of a stablecoin for use in DMM’s Seamoon Protocol. The proposed stablecoin is intended to enhance the stability of the Seamoon ecosystem.
Financial Stability in DMM’s Web3 Ecosystem
The stablecoin will be introduced in three phases and will be used alongside fiat and credit cards. DMM has also created the SMP cryptocurrency for the protocol, which is scheduled to launch with five anime-inspired online games in the third and fourth quarters of 2024. In the first phase of the stablecoin’s introduction, the SMP coin will become the primary means of payment within Seamoon Protocol and DMM’s larger portfolio of companies. The DMM stablecoin will form the treasury for the protocol and serve as a price stabilization mechanism for SMP. DMM Crypto CEO Nagato Kasaki said: "Our inspiration for launching Seamoon Protocol was to create a place where a global community could experience DMM’s cultural universe and co-create new experiences together. Our consortium’s ability to create dynamic and dependable digital assets, like the planned stablecoin, will enable that vision to come to life."
Stablecoin Development and Regulations in Japan
In phase 2 of the project, the stablecoin and SMP coin will be used as a payment method for companies within the DMM conglomerate and for DMM Crypto and its trading partners. In phase 3, the stablecoin will be used by verified users of the protocol and among whitelisted registered business partners. The gaming-oriented Oasys layer-2 blockchain will host the Seamoon Protocol. Activities with the Seamoon stablecoin will conform to the Payment Services Act that went into force in June 2023. That act loosened restrictions placed on stablecoin issuance in Japan after the collapse of Terra Labs.
About the Progmat Platform and Its Partner Projects
The Progmat platform debuted in 2022 with backing from Mitsubishi UFJ Financial Group (MUFG), after three years of development. It has worked with MUFG on yen- and dollar-pegged stablecoin projects and with Binance and MUFG on a yen-denominated stablecoin. Additionally, it collaborated with KlimaDAO to open a carbon credits trading platform in Japan.
This partnership between Progmat and DMM signifies substantial efforts to enhance the stability of digital assets and advance Web3 technologies in Japan. The stability provided by the stablecoin promises significant benefits for the DMM Seamoon ecosystem and its users.
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