DMM Group announced a partnership with Progmat Coin platform to release a stablecoin for use in Web3 entertainment project Seamoon Protocol.
DMM Crypto, a subsidiary of Japan’s major conglomerate DMM Group, announced plans to develop a stablecoin. The asset will be issued with the support of Progmat Coin, a stablecoin issuance and management platform licensed by the Japanese regulator to handle digital assets.
The stablecoin is designed to serve as the reserve currency for Web3 project Seamoon Protocol. It’ll support the protocol’s liquidity and the stable value of SMP, its native token, which will be launched in the near future. In the first phase, the stablecoin will act as the treasury for Seamoon Protocol, ensuring the stability of SMP’s price. Later, it’ll be used as a means of payment on par with SMP within Seamoon Protocol and will become the primary currency for DMM Group and its partners.
According to Nagato Kasaki, CEO of DMM Crypto, the main purpose of creating the stablecoin is to support a global community whose members will be able to easily and quickly interact with the DMM ecosystem and create new and unique Web3 projects.
Seamoon Protocol, developed by DMM Group’s DM2C Studio, is a GameFi protocol aimed at popularizing Japanese culture. It’s the largest catalog of video games, anime, movies, TV shows, and other elements of Japan’s entertainment industry.
The stablecoin initiative will see Seamoon Protocol deployed on the Oasys blockchain, which focuses on GameFi projects. This approach will support the stablecoin’s integration and expand its use in the gaming industry.
Progmat Coin, a multichain platform for issuing stablecoins, was launched last summer by Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group.
