**Japanese Stablecoin Initiative: Progmat and DMM.com Team Up**
**Tokyo, Japan** - Progmat, a Japanese stablecoin platform, and DMM.com, a major e-commerce and entertainment group, are collaborating to explore the issuance of a stablecoin for DMMâs Seamoon Protocol. This stablecoin aims to enhance the stability of the Seamoon ecosystem.
**Key Points:**
- The stablecoin will be rolled out in three phases, complementing fiat and credit card payments.
- DMM has also launched the SMP cryptocurrency, set to debut with five anime-inspired online games in late 2024.
- In the first phase, SMP will be the primary payment method within Seamoon Protocol and DMMâs companies.
- Phase 2 will see the stablecoin and SMP used across DMMâs conglomerate and trading partners.
- Phase 3 will extend usage to verified protocol users and registered business partners.
**Regulatory Compliance:**
- The stablecoin activities will adhere to Japanâs Payment Services Act, effective June 2023, which eased restrictions post-Terra Labs collapse.
**Background:**
- Progmat, backed by Mitsubishi UFJ Financial Group (MUFG), launched in 2022 and has collaborated on various stablecoin projects, including yen- and dollar-pegged coins.
Stay tuned as DMM and Progmat bring financial stability to DMMâs Web3 universe!