Progmat, a Japanese stablecoin platform, and DMM, a leading online entertainment group, have revealed plans to launch a new stablecoin within the Seamoon Protocol. This initiative follows Japan’s strict digital asset regulations, ensuring full compliance with the latest legal standards.
DMM and Progmat’s strategic collaboration
DMM and Progmat have agreed to develop a stablecoin that adheres to the regulatory framework established in June 2023. This partnership aims to create a stablecoin integrated into Progmat’s coin platform. DMM Crypto, a DMM Group subsidiary, will incorporate this stablecoin into the Seamoon Protocol, a versatile Web3 network dedicated to Japanese culture and entertainment. This network spans various sectors, including video games, anime, movies, and TV shows.
Nagato Kasaki, CEO of DMM Crypto, emphasized the importance of this collaboration, noting that the Seamoon Protocol will play a crucial role in sharing DMM’s cultural assets with a global audience. He highlighted that the introduction of stablecoin would enhance user experiences by enabling the creation of new digital assets within the platform.
Phased Rollout of the New Stablecoin
The rollout of the stablecoin within the Seamoon Protocol will occur in three distinct phases. In the initial phase, the SMP coin, DMM’s latest digital asset, will become the primary payment method within the Seamoon Protocol and across DMMs broader ecosystem. This phase is expected to commence in the third and fourth quarters of this year, with the stablecoin being introduced to stabilize SMP’s value.
The SMP coin and the new stablecoin will be payment methods that DMM Crypto and its business partners use. Finally, in the third phase, the stablecoin’s usage will be expanded to a larger audience, serving as a payment option for selected business partners and end users.
Progmat’s Experience and Future Prospects
Progmat brings extensive experience to this project, having collaborated with Mitsubishi UFJ Financial Group (MUFG) since its founding in 2022. Together, they have developed stablecoins pegged to the yen and the US dollar and have worked with KlimaDAO to establish a carbon credits trading platform in Japan. This background positions Progmat as a key player in the ongoing development of regulated stablecoins within the Japanese market.
As Progmat and DMM move forward with this project, their collaboration represents a significant step in integrating regulated digital assets into mainstream applications. The new stablecoin’s phased rollout within the Seamoon Protocol highlights its commitment to enhancing user experiences while ensuring compliance with Japan’s rigorous digital asset regulations.
The post Progmat and DMM to Introduce Regulated Stablecoin for Seamoon Protocol first appeared on Coinfea.
