DMM Crypto Partners Progmat To Launch Stablecoin Under Japan Regulation

DMM Crypto announced a partnership with Progmat Inc. to launch a new stablecoin under Japanese regulations. The assets will be minted on the Progmat Coin platform, which is compliant with the country’s law. Institutions continue to dabble into stablecoins as it’s a bridge asset for most users toward wider adoption. 

DMM Crypto to Launch Stablecoin

DMM Crypto, a subsidiary of DMM Group announced a partnership with Progmat Inc towards rolling out a stablecoin compliant with Japan’s regulations. In an Aug 23 release, the company disclosed that both firms will embark on a joint study as the first step to the project. According to the statement, the stablecoin will be utilized within the Seamoon Protocol and will serve as a reserve currency for its treasury pool and a price mechanism for SMP. 

“… – an interoperable web3 network for Japanese culture and entertainments featuring DMM Group’s globally recognized catalog of video games, anime, movies, TV shows, and online streaming titles and brands… SMP–a soon-to-be-launched cryptocurrency intended to be the primary means of payment within Seamoon Protocol and DMM’s larger portfolio of companies. Seamoon Protocol users will also be able to use fiat currency and credit cards to transact on the platform.”

Nagato Kasaki, the CEO of DMM Crypto highlighted the need to create dependable digital assets lauding the recent partnership to enhance the project. Kasaki added that the Seamoon Protocol aims to create a platform where the community could experience its cultural universe.

Firms Double Down on Stablecoins

Recently, crypto firms and other institutions have rolled out new stablecoins for several reasons. This was sparked by increased adoption in the wider market and a need to tap breakthroughs in cross-border payments. On Aug 21, Tether unveiled plans to launch a UAE Dirham-begged asset to facilitate the industry’s growth in the Middle East. 

Also, Mercado Pago rolled out the MELI Dollar, a new stablecoin in Brazil linked to the U.S. Dollar. Russia is also in the mix as it plans to launch two crypto exchanges and a BRICS stablecoin. The focus of these exchanges will be on the stablecoin which will be pegged to the Chinese yuan.