Japanese stablecoin platform Progmat and e-commerce and leisure group DMM.com have agreed to review the issuance of a stablecoin to be used in DMM’s Seamoon Protocol. The proposed stablecoin is meant to reinforce the steadiness of the Seamoon ecosystem.
The stablecoin shall be launched in three phases and used alongside fiat and bank cards. DMM has additionally created the SMP cryptocurrency for the protocol, which is scheduled to launch with 5 anime-inspired on-line video games within the third and fourth quarters of 2024.
Bringing monetary stability to DMM’s Web3 universe
Within the first part of the stablecoin’s introduction, the SMP coin will turn into the “major technique of fee inside Seamoon Protocol and DMM’s bigger portfolio of firms.” The DMM stablecoin will kind the treasury for the protocol and function a “value stabilization mechanism” for SMP. DMM Crypto CEO Nagato Kasaki mentioned in a assertion:
“Our inspiration for launching Seamoon Protocol was to create a spot the place a worldwide neighborhood might expertise DMM’s cultural universe and co-create new experiences collectively. Our consortium’s potential to create dynamic and reliable digital belongings, just like the deliberate stablecoin, will allow that imaginative and prescient to return to life.”
In Section 2 of the undertaking, the stablecoin and SMP coin shall be used as a fee technique for firms inside the DMM conglomerate and for DMM Crypto and its buying and selling companions. In Section 3, the stablecoin shall be utilized by verified customers of the protocol and amongst whitelisted registered enterprise companions. The gaming-oriented Oasys layer-2 blockchain will host the Seamoon Protocol.
Schematic illustration of phases 2 and three of Seamoon Protol stablecoin undertaking. Supply: DMM
Stablecoins making progress in Japan
Actions with the Seamoon stablecoin will conform to the Fee Providers Act that went into drive in June 2023, the companions acknowledged. That act loosened restrictions positioned on stablecoin issuance in Japan put in place after the collapse of Terraform Labs.
Supply: Seamoon Protocol
Associated: MUFG to facilitate Japanese bank-backed stablecoins by way of Progmat Coin platform
The Progmat platform debuted in 2022 with backing from Mitsubishi UFJ Monetary Group (MUFG), after three years of growth. It has labored with MUFG on yen- and US dollar-pegged stablecoin tasks and with Binance and MUFG on a yen-denominated stablecoin. As well as, it has labored with KlimaDAO to open a carbon credit buying and selling platform in Japan.
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