Metaplanet, the third-largest publicly traded holder of bitcoin, is looking to move beyond simply accumulating the cryptocurrency and into the tokenised credit market, in a push to establish bitcoin as a foundational asset within the wider financial system. The Tokyo-based company has launched a joint study with yen stablecoin issuer JPYC and security-token platform Progmat to examine whether its bitcoin treasury could underpin a new class of digital credit products in Japan.
What is being studied
According to a Friday statement from Metaplanet, the collaboration will examine using bitcoin as collateral for credit instruments that accrue interest daily. Such a market exists in the United States but is absent in Japan. Tokenising the instruments on-chain would enable 24-hours-a-day, seven-days-a-week, 365-days-a-year trading and settlement.
The study group will also include Siiibo Securities, which Metaplanet acquired last month for 2.1 billion yen. Siiibo is scheduled to be renamed Metaplanet Securities on July 13.
The company was explicit that no decisions have yet been taken: ‘The four companies will examine issues in product design, the need for proof-of-concept initiatives, and the possibility of future issuance. At this time, nothing has been determined regarding issuance timing, terms, yield, product details, distribution methods, or the form of collaboration.’
The problem being addressed
Metaplanet argues that Japan’s traditional credit market is tilted toward large corporations accessing public bond offerings. Mid-sized and growth-stage companies face high costs and operational burdens across issuance, sales, investor management, interest payments, and redemptions. Digital credit instruments, the company says, could open the debt market to these smaller firms by bridging traditional capital markets with on-chain infrastructure.
Specific on-chain capabilities cited include 24-hour global trading and settlement, holder-level rights management, automated pro-rata interest calculations, and transparent on-chain payments and redemptions.
Key roles for each partner
Each partner brings a distinct role. Metaplanet and its securities arm will design and create the new products combining bitcoin with credit offerings, distribute them to investors, and manage post-sale operations and customer communication. JPYC will explore how its yen stablecoin can be integrated into the payment and redemption flows. Progmat will provide the regulated tokenisation system, covering ownership tracking, transfer handling, and connection to the stablecoin payment layer.
Broader strategy
Bitcoin-backed credit is an emerging market driven largely by public companies that hold bitcoin and convert idle treasury holdings into yield-generating instruments through dividends or interest payments. Metaplanet, which holds 43,000 BTC worth roughly $2.47 billion and trails only Strategy and Twenty One Capital among public holders, would position its treasury not merely as a balance-sheet asset but as collateral for a regulated credit ecosystem.
For now, the initiative remains a study rather than a product. Metaplanet has confirmed no issuance timing, terms, or yield, and the partners have committed only to examining whether such instruments are viable, leaving open the possibility that nothing is ultimately launched.
