DMM Crypto, a unit of Japanese e-commerce giant DMM.com, has announced a partnership with Bank of Mitsubishi UFJ’s Progmat to adopt a stablecoin issued by Bank of Mitsubishi UFJ. In the announcement, they stated that they will comply with the bill passed by the Japanese Parliament in June 2023 and plan to mint stablecoins on the Progmat Coin platform, a stablecoin issuance and management platform that complies with Japanese law.

(Japan’s Mitsubishi UFJ Bank will implement stable currency transactions and cross-chain plans in 2024: Progmat Coin × Datachain × TOKI)

Using cryptocurrency to create a DMM cultural universe, is Web 3 still the next scene for e-commerce?

The stablecoin project is integrated into DMM’s Web 3 project Seamoon Protocol and is used in the stabilization mechanism of its payment token SMP. Seamoon Protocol is a Web 3 platform under the DMM Group that provides NFT and chain games. The investors behind it include Galaxy Interactive and Bitfinex.

According to the project statement:

“The stablecoin is intended to serve as a reserve currency to support the project’s treasury, and a price stabilization mechanism for SMP, an upcoming cryptocurrency that aims to become the primary payment method within Seamoon Protocol and DMM’s larger corporate portfolio. Way."

It can be understood that Seamoon Protocol is the first application scenario of this stable currency. The breadth of DMM Group’s business leaves a lot of room for imagination as to whether this stable currency will be widely adopted. DMM Crypto CEO Nagato Kasaki said that the planned stable currency will allow the world to experience the entrance to the DMM cultural universe and jointly create new experiences through Seamoon Protocol.

Stablecoins will be used for business purposes and gradually expand to 41 million users

The company said the stablecoin’s mainnet launch will occur in three phases. The first phase will focus on stabilizing Seamoon Protocol and SMP token prices through stablecoin capital pools.

In the second phase, stablecoins will be introduced into the DMM ecosystem as a payment method for transactions between DMM companies and business partners. This could include loan repayments and other uses, extending the token’s uses beyond the Seamoon protocol.

In the third phase, stablecoins will be made available to partners and verified users. It is expected to become an alternative to credit card payments for these verified users.

DMM Group has a market value of billions of dollars. Its businesses include telecommunications, animation, movies and TV shows, streaming media, finance, energy, online shopping and even adult content and pachinko. The number of registered users of DMM.com is as high as 41 million. people. It also owns DMM Bitcoin, a cryptocurrency exchange that has been in operation since 2017. At the end of May this year, it was reported that 4,502 Bitcoins were stolen, worth approximately US$300 million at the time.

Whether it’s Sony Group launching its own Ethereum L2, or e-commerce giant DMM launching a stablecoin. All said that these Japanese Web 2 giants have noticed that the biggest problem with the current situation of the cryptocurrency industry is that there is no demand for creation. DMM is willing to make attempts to integrate stable coins into the group’s ecology and gradually expand to the user side. The author believes that Web 2 companies are willing to enter the market at this point in time, which implies that they are optimistic about the development of the blockchain industry in the long term and also increases their confidence in the application of cryptocurrency. However, such implementation is not always possible. Even in Russia, the government has stated that it will not force people to use cryptocurrencies. There may be a long way to go before people are exposed to cryptocurrencies and become accustomed to using them.

(Head of the Russian Central Bank: The digital ruble will become part of daily life in 2031)

This article DMM will adopt Bank of Tokyo-Mitsubishi stable currency and introduce entertainment protocol Seamoon Protocol payment first appeared on Chain News ABMedia.