DMM and Progmat Collaborate to Create a New Stablecoin

Japanese stablecoin platform Progmat and online entertainment group DMM plan to launch a new stablecoin on Programat's coin platform.

Japanese stablecoin platform Progmat and online entertainment group DMM are set to launch a new stablecoin on Programat’s coin platform. The stablecoin will be utilized within the Seamoon protocol following all of Japan’s digital asset regulations.

The two companies will begin a study to issue a new stablecoin that complies with Japanese regulations by June of this year. After completing the study, they plan to launch the stablecoin on Progmat’s coin platform.

DMM Crypto, a subsidiary of the conglomerate DMM Group, will then integrate the stablecoin within Seamoon Protocol, an interoperable Web3 network for Japanese culture and entertainment, including video games, anime, movies, and TV shows.

According to a press release, the stablecoin will be deployed within the Seamoon protocol in three stages.

In the first stage, the SMP coin, DMM’s latest creation, will be the primary means of payment within the Seamoon Protocol and DMM’s more extensive companies. The DMM stablecoin will then help to stabilize SMP’s prices.

The SMP coin, which is set to launch in the third and fourth quarters of this year, will serve as the primary payment method within the Seamoon Protocol. DMM Crypto will also begin accepting SMP for payments.

“We are excited to announce our collaboration with DMM to launch a new stablecoin that will be used within the Seamoon Protocol,” said Nagato Kasaki, CEO of DMM Crypto.

“Our goal is to use the Seamoon Protocol to share DMM’s cultural space with the world and to allow users to gain new experiences. The platform's ability to create new assets, such as the planned stablecoin, will help us elevate cultural user experiences.”

In phase 2, both the SMP and the stablecoin will be payment modes between DMM Crypto and its partners, while in phase 3, the stablecoin will serve a larger audience. It will be a payment method for selected business partners and users.

Progmat is experienced with stablecoin projects, having partnered with Mitsubishi UFJ Financial Group (MUFG) since its inception in 2022. Together, they have developed yen- and US dollar-pegged stablecoins and collaborated with KlimaDAO to create a carbon credits trading platform in Japan.