Metaplanet studies bitcoin-backed digital credit products in Japan

Metaplanet is exploring the launch of bitcoin-backed digital credit products in Japan, working with yen stablecoin issuer JPYC, security token platform Progmat and Siiibo Securities. The Tokyo-based bitcoin treasury company said the study will examine how BTC could be used as collateral for tokenized credit instruments with daily interest accrual.

The initiative matters because it points to a broader use case for corporate bitcoin holdings beyond balance-sheet accumulation. Metaplanet says digital credit could help create credit markets that trade and settle around the clock, with automated interest calculations, transparent payments and redemptions, and holder-level rights management onchain.

According to Metaplanet, Japan’s traditional credit market is more accessible to large companies that can issue public bonds, while mid-sized and growth companies often face higher costs and operational burdens around issuance, investor management, sales, interest payments and redemptions. The proposed digital-credit structure is being studied as a way to connect conventional capital markets with blockchain-based infrastructure.

Each partner is expected to focus on a different part of the potential system. Metaplanet and its securities arm would work on product design, issuance and investor-facing operations, JPYC would study stablecoin-based payment and redemption flows, and Progmat would provide the regulated tokenization infrastructure.

The company emphasized that no final decision has been made on issuance timing, product terms, yield, distribution methods or the exact form of collaboration. Metaplanet holds 43,000 BTC and is described by CoinDesk as the third-largest publicly traded bitcoin holder, behind Strategy and Twenty One Capital.