DMM Crypto Partners Progmat To Launch Stablecoin Under Japan Regulation

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As a seasoned analyst with years of experience navigating the dynamic world of cryptocurrencies, I find this latest move by DMM Crypto to launch a stablecoin in partnership with Progmat Inc particularly intriguing. Having witnessed the evolution of the crypto market, it’s clear that stablecoins are becoming a cornerstone for mainstream adoption.

DMM Crypto has teamed up with Progmat Inc. for the creation of a new stablecoin, overseen by Japanese regulations. The digital assets will be produced on the Progmat platform, which conforms to the nation’s legal framework. Institutions are increasingly exploring stablecoins, as they serve as a connecting asset for users facilitating broader acceptance.

DMM Crypto to Launch Stablecoin 

DMM Crypto, a subsidiary of DMM Group, has teamed up with Progmat Inc to develop a regulatory-compliant stablecoin. As part of this collaboration, they plan to conduct a joint study as the initial phase of the project, which was announced in an August 23 statement. The company stated that this stablecoin will be integrated into the Seamoon Protocol, acting as a reserve currency for its treasury pool and a pricing tool for SMP.

As an analyst, I would rephrase the given text as follows:

Nagato Kasaki, the CEO of DMM Crypto, emphasized the importance of developing trustworthy digital assets, praising their recent collaboration to advance the project. Additionally, Kasaki mentioned that the Seamoon Protocol intends to establish a platform for people to explore its cultural realm.

Firms Double Down on Stablecoins 

Lately, various crypto companies and other institutions have introduced new stablecoins for multiple purposes. This development was driven by growing market acceptance and a desire to leverage advancements in international transactions. For instance, on August 21st, Tether announced plans to create a UAE Dirham-based asset to foster the industry’s expansion in the Middle East.

Additionally, Mercado Pago introduced the MELI Dollar, a new digital currency tied to the U.S. Dollar in Brazil. Meanwhile, Russia has plans to establish two cryptocurrency exchanges and a BRICS-linked stablecoin. The main focus of these exchanges will be on a stablecoin that is pegged to the Chinese yuan.

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2024-08-23 21:49