Metaplanet has launched a joint feasibility study to explore Bitcoin-backed digital credit products, teaming up with stablecoin issuer JPYC, tokenization firm Progmat and Progmat’s securities arm in Japan.
The collaboration — announced July 10 — will investigate whether Bitcoin can be used as collateral or a credit-enhancement asset for digital corporate bonds and other blockchain-native credit instruments. The partners stressed that no issuance decision has been made: any future product would require internal approvals, technical validation and consultations with regulators.
What the study will cover
- Product design and distribution: Metaplanet and its newly acquired securities arm will lead efforts to design potential products and consider market distribution.
- Stablecoin functions: JPYC will evaluate issuance, redemption and payment mechanics for yen-based stablecoins that could handle interest and principal flows.
- Token infrastructure: Progmat will provide security-token infrastructure to record investor rights, ownership and transfer controls.
- Legal, technical and market issues: The group will probe regulation, investor protections, settlement mechanics, 24/7 trading feasibility, and calculations such as daily interest.
Proposed architecture
The partners envision security tokens recording investor rights on-chain while yen-denominated stablecoins (such as JPYC) manage interest, distributions and redemptions. The design aims to connect traditional securities frameworks with blockchain settlement and could enable round-the-clock trading and automated payment workflows — but the specifics (timing, yields, terms, distribution channels) remain undetermined.
Strategic context: Project Nova and balance-sheet Bitcoin
This study is part of Metaplanet’s Project Nova, an initiative to build a Bitcoin-focused financial services business in Japan. Metaplanet frames Bitcoin not merely as a reserve asset but as “productive collateral on the balance sheet” that could back credit instruments while stablecoins and security tokens bridge capital-markets infrastructure with blockchain settlement.
Recent corporate moves and balance-sheet position
- In June, Metaplanet agreed to buy licensed broker Siiibo Securities for JPY 2.1 billion; the firm is set to be renamed Metaplanet Securities on July 13. The acquisition gives Metaplanet access to an established corporate bond platform and Type I Financial Instruments Business Operator status — a potential distribution channel for Bitcoin-linked bonds and income products in Japan.
- Metaplanet expanded its corporate Bitcoin holdings in Q2, purchasing 2,823 BTC and bringing its total to roughly 43,000 BTC. The latest tranche averaged about JPY 12.7 million per BTC, leaving the company’s overall average purchase price near JPY 15.3 million per coin.
- Despite adding to its treasury, revenue from Metaplanet’s Bitcoin income business fell about 41% quarter-on-quarter to JPY 1.747 billion as it develops yield-generating products.
Targets and caveats
Metaplanet has a long-range target of holding 210,000 BTC by the end of 2027. The company emphasized, however, that this study does not confirm any plan to pledge existing holdings as collateral for specific products.
Market backdrop
Tokenization of credit and other real-world assets continues to gain traction. Platforms such as RWA.xyz track tokenized government debt, private credit, corporate credit, commodities and other assets across public and private networks. Metaplanet argues credit markets are well-suited for digitization because fixed terms for interest, repayment and collateral at issuance can be enforced and automated by blockchain systems managing ownership records, payments and redemptions.
Bottom line
Metaplanet and partners are taking measured steps to see whether Bitcoin, stablecoins and security tokens can be combined to create compliant, tradable digital credit products in Japan. The study could pave the way for new Bitcoin-backed instruments — but substantial regulatory, technical and approval hurdles remain before any product hits the market.
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