Japanese Internet Giant DMM Group and Progmat Begin Joint Exploration of Stablecoin Offering

Japanese entertainment giant DMM Group's comprehensive website DMM.com, its crypto company DMM Crypto, and Blockchain technology company Progmat have announced that they have begun a joint study to issue a stablecoin that complies with the revised Payment Services Act, according to Coinpost. The stablecoin will be used in DMM's “Seamoon Protocol” digital economy zone to support the growth of the value of SMP crypto assets.

The project plans to advance the use of the stablecoin in three phases. The first phase is aimed at stabilizing the SMP price and developing the economic zone, while the second phase will expand its use as a means of payment between DMM group companies. Effective immediately, the project plans to begin issuing and validating stablecoins on a test network, with the goal of issuing stablecoins in 2024.