Metaplanet, JPYC and Progmat launch joint study into Bitcoin-backed digital credit
Metaplanet has kicked off a collaborative study with stablecoin issuer JPYC, tokenization specialist Progmat (and its securities arm in Japan) to explore whether Bitcoin can underpin blockchain-based credit products — from digital corporate bonds to other tokenized debt instruments. The partners say the work is still exploratory and no decision has been made to issue any product.
What they’ll study
- The four companies will evaluate product design, regulatory requirements, investor protections, settlement mechanics and technical needs for credit instruments that use Bitcoin as collateral or a credit-enhancing asset.
- Areas under review include digital corporate bonds, other blockchain-native credit products, round-the-clock trading, and daily interest calculation and payment flows.
- Metaplanet and its upcoming securities arm will focus on product design and distribution; JPYC will examine stablecoin issuance, redemption and payment functions; Progmat will supply infrastructure for security token issuance, ownership records and transfer controls.
Proposed mechanics (conceptual)
- The planned structure would record investor rights via security tokens while yen-based stablecoins such as JPYC could handle coupon payments, distributions and redemptions. Security tokens would bridge traditional securities logic with blockchain settlement.
- Metaplanet emphasized that “nothing has been determined” on timing, yields, terms or distribution. Any issuance would require internal approvals, technical checks and engagement with regulators.
Project Nova and strategic rationale
- The study is part of Metaplanet’s Project Nova, its effort to build a Bitcoin-focused financial services business in Japan. The company frames Bitcoin as “productive collateral on the balance sheet” — potentially backing credit instruments rather than simply serving as a reserve asset.
- Metaplanet aims to use stablecoins and security tokens to connect traditional securities infrastructure to blockchain settlement and to broaden capital-market access and yield offerings for retail and institutional investors.
Regulatory & distribution foothold
- In June Metaplanet agreed to buy Siiibo Securities for JPY 2.1 billion; the licensed brokerage is due to be renamed Metaplanet Securities on July 13. The acquisition provides access to an established corporate bond platform and a Type I Financial Instruments Business Operator license, which Metaplanet has said could be used to distribute Bitcoin-linked bonds and income products in Japan.
Balance-sheet moves and performance
- Metaplanet continued expanding its corporate Bitcoin holdings in Q2, purchasing 2,823 BTC and bringing its total to about 43,000 BTC. The latest tranche averaged roughly JPY 12.7 million per BTC, leaving the company’s overall average purchase price near JPY 15.3 million per coin.
- Meanwhile revenue from Metaplanet’s Bitcoin income business slipped about 41% quarter‑on‑quarter to JPY 1.747 billion as the company develops income-generating products tied to its treasury. Metaplanet has set a long-term target of holding 210,000 BTC by the end of 2027, but the current study does not confirm that existing holdings would be pledged to any specific credit product.
Market context
- The move comes amid growing interest in tokenized, blockchain-based financial assets. Platforms and trackers like RWA.xyz are tracking tokenized government debt, private and corporate credit, commodities and other real-world assets across public and private networks. Metaplanet argues credit is particularly suitable for digitization because interest, repayment and collateral terms are fixed at issuance, allowing blockchain systems to manage ownership, payments and redemptions.
Bottom line
Metaplanet’s study with JPYC and Progmat signals a concerted push to combine Bitcoin, stablecoins and security tokens into regulated credit products. For now it’s an exploratory step: partners will flesh out design, legal and technical frameworks before deciding whether — and how — to bring Bitcoin-backed digital credit to market.
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