Japanese financial and entertainment leaders to conduct joint stablecoin study, the first step to creating a new stablecoin under Japan’s digital asset regulations
 

Tokyo, August 23, 2024 --- Progmat, Inc. (“Progmat”), and DMM Group today announced a collaborative effort to conduct a joint study on the issuance of a new stablecoin under the regulations introduced by the Japanese parliament in June 2023.

The consortium plans to mint the stablecoins on the Progmat Coin platform, a stablecoin issuance and management platform compliant with Japanese law.

DMM Crypto, a subsidiary of the multibillion-dollar Japanese conglomerate DMM Group, intends to utilize the stablecoin within Seamoon Protocol - 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.

The stablecoin is intended to serve as a reserve currency underpinning the project’s treasury pool and a price stabilization mechanism for 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.

“Our inspiration for launching Seamoon Protocol was to create a place where a global community could experience DMM’s cultural universe and co-create new experiences together,” said DMM Crypto CEO, Nagato Kasaki. “Our consortium’s ability to create dynamic and dependable digital assets, like the planned stablecoin, will enable that vision to come to life. We are grateful for the collaboration and partnership of the esteemed teams from Progmat for enabling us to pursue this endeavor.”

           
 
About DMM Group

DMM.com Group operates the comprehensive service site "DMM.com", which boasts a membership of 41.01 million people (*as of February 2023). Since its founding in 1998, the company has expanded into a wide range of businesses and currently operates over 60 services. These include various entertainment services such as video streaming, e-books, and anime, as well as ventures into the hardware field like 3D printing and the development of fire engines and ambulances. Additionally, DMM.com engages in cutting-edge technological fields, including web3 and AI-based businesses. For more information, please visit dmm-corp.com.

 
About Progmat
Progmat is a startup company building digital asset infrastructures that can transform the financial system. With a mission of "Connecting the society with the programmable network and digitizing every value," Progmat delivers the issuance and administration platform for tokenized securities, stablecoins, and utility tokens, while pursuing partnerships to expand global use of digital assets. Progmat, as an independent firm backed by several key institutions in national financial markets, also leads digital assets ecosystem across multiple industries by running the Digital Asset Co-Creation Consortium, which has over 200 member firms. For more information, visit https://progmat.co.jp/en/