DMM Group Collaborates With Progmat To Develop Stablecoin Under New Japanese Regulations

According to BlockBeats, on August 23, Japanese internet giant DMM Group's subsidiaries, DMM.com and DMM Crypto, announced a collaboration with blockchain technology company Progmat to jointly develop a stablecoin compliant with Japan's new Payment Services Act. This stablecoin is planned to be initially integrated into DMM Group's Seamoon Protocol digital economy ecosystem, working in conjunction with the native token SMP to expand the token economy and enhance the value of SMP. DMM Group has outlined a three-phase approach for the stablecoin's application. The first phase focuses on stabilizing the price of SMP and developing the ecosystem. The second phase involves using the stablecoin for internal settlements within the group. The final phase aims to extend its use to payments between partners and for user transactions.