Japan’s DMM Group, along with its subsidiary DMM Crypto, is partnering with blockchain developer Progmat to explore the launch of a stablecoin under existing local regulations, according to an Aug. 23 statement.
Initially, the stablecoin will be integrated into DMM’s digital economy project, Seamoon Protocol. It will be designed to enhance stability and ultimately boost the value of the network’s planned native SMP token.
According to the statement:
“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.”
DMM Crypto CEO Nagato Kasaki said the planned stablecoin will help the firm to create an avenue for the global community to experience DMM’s cultural universe and co-create new experiences together through the Seamoon Protocol.
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