DMM Group And Progmat Collaborate To Issue Licenced Stablecoin
In Brief
DMM Group announced a collaboration with digital asset platform Progmat to conduct a joint study on issuing a new stablecoin.
Japan-based e-commerce and internet company DMM Group announced a collaboration with digital asset platform Progmat to conduct a joint study on issuing a new stablecoin. This initiative aligns with the regulations introduced by the Japanese parliament in June 2023.
The consortium intends to mint stablecoins on the Progmat Coin platform, designed for the issuance and management of stablecoins in compliance with Japanese laws.
Progmat is a startup focused on developing digital asset infrastructures aimed at transforming the financial system. It provides a platform for issuing and managing tokenized securities, stablecoins, and utility tokens, while actively seeking partnerships to promote the global adoption of digital assets.
DMM Crypto, a subsidiary of DMM Group, plans to integrate the stablecoin into the Seamoon Protocol, an interoperable Web3 network centered on Japanese culture and entertainment. This network will feature DMM Group’s extensive catalog of video games, anime, movies, TV shows, and online streaming content.
The stablecoin is designed to function as a reserve currency, supporting the project’s treasury pool and price stabilization mechanism for SMP—a forthcoming cryptocurrency intended to be the primary payment method within Seamoon Protocol and across DMM’s broader portfolio. Additionally, Seamoon Protocol users will have the option to transact using fiat currency and credit cards on the platform.
DM2C Partners With Immutable In Order To Engage With Broader Gaming Community
DMM Group operates the DMM.com website, which serves over 41 million members. The company currently offers more than 60 services, ranging from video streaming, e-books, and anime to 3D printing, covering a broad spectrum of entertainment and beyond. Additionally, DMM Group is involved in Web3 and AI-based ventures.
Recently, DMM Group’s Web3 division, DM2C, partnered with the Web3 gaming development platform Immutable, allowing it to engage with a broader gaming community. In collaboration with its subsidiary BLOCKSMITH & CO, which developed the popular quiz-based application QAQA, DM2C has also launched a $20 million “Ecosystem Boost Program” to provide game developers with essential tools.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
