Japan's DMM Group and Progmat jointly explore stablecoin issuance

DMM Group and Progmat have announced the launch of a joint discussion on the issuance of stablecoins that comply with the revised funds settlement law. The plan is to use the stablecoin in the "Seamoon Protocol," a digital economic circle envisioned by DMM Group, to promote the expansion of the token economy and increase the value of SMP. The utilization plan for the stablecoin will be promoted in three stages, including price stabilization, economic circle development, and expansion of use cases. It is expected to be issued within 2024 and begin issuing and verifying on the testnet.