The DMM conglomerate hopes the coins powering its anime-filled Web3 ecosystem will be used with and among its partners as well.
Japanese stablecoin platform Progmat and e-commerce and entertainment group DMM.com have agreed to study the issuance of a stablecoin for use in DMM’s Seamoon Protocol. The proposed stablecoin is intended to enhance the stability of the Seamoon ecosystem.
The stablecoin will be introduced in three phases and used alongside fiat and credit cards. DMM has also created the SMP cryptocurrency for the protocol, which is scheduled to launch with five anime-inspired online games in the third and fourth quarters of 2024.
In the first phase of the stablecoin’s introduction, the SMP coin will become the “primary means of payment within Seamoon Protocol and DMM’s larger portfolio of companies.” The DMM stablecoin will form the treasury for the protocol and serve as a “price stabilization mechanism” for SMP. DMM Crypto CEO Nagato Kasaki said in a statement:
