Japan-based electronic commerce company DMM Group and blockchain platform Progmat have started a collaborative effort to issue a stablecoin. DMM.com, along with its affiliate DMM Crypto, is working with Progmat to explore this new financial venture.

According to DMM’s press release on August 23, the proposed stablecoin will be integrated into the Seamoon Protocol, DMM Group’s digital economy project. The main objectives are to stabilize the value of the Seamoon Protocol, expand its token economy, and enhance the value of its native token.

Three-Phase Rollout Plan

The introduction of the stablecoin will occur in three distinct phases. Initially, the stablecoin will focus on stabilizing the Seamoon Protocol’s value. Following this, it will be utilized as a payment method within DMM Group companies. Eventually, the stablecoin will facilitate transactions among registered partners and verified users, including game players.

The stablecoin will first stabilize the Seamoon Protocol’s value, then be used within DMM Group companies, and finally enable transactions among registered partners and verified users.

Broader Adoption and Future Plans

In the third phase, DMM Group aims to expand stablecoin usage to transactions between whitelist-registered business partners and verified users, paving the way for broader adoption as a payment solution. DMM Group and Progmat plan to issue the stablecoin by the end of fiscal 2024, with initial issuance and testing conducted on a testnet.

This initiative aligns with Japan’s broader trend of exploring stablecoins as part of the country’s gradual shift towards a cashless society. For example, Hokkoku Bank recently became the first Japanese bank to launch its own stablecoin, Tochika, which is backed by bank deposits and aims to facilitate digital transactions in a country historically reliant on cash.

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