- Metaplanet is studying Bitcoin-backed digital credit with JPYC and Progmat in Japan.
- The planned product would use BTC collateral with daily interest and 24/7 trading.
- The study will assess the commercial and technical feasibility of Bitcoin-backed credit.
Metaplanet has started a joint research initiative to examine how Bitcoin-backed digital credit products could operate within Japan’s financial system, marking another step in the company’s effort to expand the use of its Bitcoin holdings beyond treasury management.
The study brings together Metaplanet Securities, JPYC, and Progmat to evaluate the commercial potential and technical architecture of a product that would use Bitcoin as collateral, incorporating stablecoin payments and tokenized asset infrastructure.
The announcement comes as the company continues to increase its Bitcoin reserves, with investors also responding positively to the latest development.
Joint Study Focuses on Bitcoin-Backed Credit
According to a regulatory filing released on July 10, Metaplanet will conduct the study alongside its securities subsidiary, Metaplanet Securities, formerly known as Siiibo Securities, Japanese yen stablecoin issuer JPYC, and tokenization infrastructure provider Progmat.
The participating companies will assess whether a digital credit product backed by Bitcoin can be developed in a way that is both commercially viable and technically feasible. The proposed structure would allow the product to trade around the clock while calculating interest daily.
The research will also examine how such a product could comply with Japanese financial regulations. In addition, the firms plan to evaluate issuance methods, investor management processes, and the infrastructure needed to support trading and settlement.
Under the arrangement, Metaplanet will oversee Bitcoin treasury strategy and product design. JPYC will contribute its yen-denominated digital payment infrastructure, while Progmat will provide technology supporting the issuance and distribution of tokenized assets.
Stablecoin Payments and Tokenized Infrastructure Included
The filing states that the companies will study how Bitcoin-backed financial products could use JPYC for payments, redemptions, and other settlement functions. The initiative also includes reviewing how investors would be managed throughout the product’s lifecycle.
Although the companies confirmed the research has begun, Metaplanet said no decision has been made regarding the final structure of the partnership or the timeline for launching any product.
Company Points to Corporate Financing Challenges
Metaplanet said Japan’s corporate bond market remains largely accessible to larger companies, while smaller businesses often face higher costs and high administrative requirements when raising capital.
According to the company, bond-style financial products are suitable candidates for digitization because payment schedules, investor rights, and repayment terms are typically established before issuance.
The announcement followed the company’s recent disclosure that it purchased 2,823 BTC during the second quarter at an average price of about $80,000 per Bitcoin. That acquisition increased Metaplanet’s total Bitcoin holdings to 43,000 BTC.
Related: Metaplanet to Rebrand Shibo Securities as Metaplanet Securities
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