CoinDesk
Metaplanet, the Tokyo-listed bitcoin treasury company, is forming a study group with yen stablecoin issuer JPYC and regulated security-token platform Progmat to explore bitcoin-backed digital credit products in Japan. Siiibo Securities, which Metaplanet acquired for 2.1 billion yen last month and is renaming Metaplanet Securities on July 13, is also part of the group.
The companies said in a Friday statement they will examine product design, proof-of-concept initiatives and the possibility of future issuance. Nothing has been decided yet on timing, terms, yield or distribution. The initiative targets a market Metaplanet says exists in the U.S. but not in Japan: debt instruments collateralized by BTC, with daily interest accrual and onchain settlement.
Why it matters
Japan's credit market historically favors large corporations with public bond offerings, leaving mid-sized and growth companies to absorb high issuance, servicing and redemption costs. Tokenizing BTC-collateralized credit could open that market to a broader issuer base by combining 24/7 global trading, automated pro-rata interest calculations and onchain redemption rails.
For Metaplanet, the move extends a treasury strategy that already ranks it third globally among public bitcoin holders, behind Strategy and Twenty One Capital, with 43,000 BTC worth roughly $2.47 billion. Putting that stash to work as collateral turns a passive balance-sheet asset into a programmable credit primitive, a thesis the company has been telegraphing all year.
Market impact
The structural read matters more than any single issuance. JPYC brings yen stablecoin rails for payments and redemptions, Progmat supplies the regulated tokenization and ownership-tracking layer, and Siiibo (soon Metaplanet Securities) handles origination, distribution and post-issuance servicing. That stack is rare: most tokenized-credit experiments outside Asia have had to assemble their own payment, custody and distribution pieces.
For Japan's RWA sector, the study group is a directional signal that the country's largest bitcoin holder is moving from passive accumulation to active collateral deployment.
Frequently asked questions
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What is Metaplanet studying with JPYC and Progmat?
Metaplanet, JPYC and Progmat are forming a study group to explore bitcoin-backed digital credit products in Japan, including how to tokenize BTC as collateral for debt instruments with daily interest accrual and onchain settlement. Nothing has been decided on issuance timing, terms or yield.
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Why is Metaplanet pursuing bitcoin-backed credit in Japan?
Japan's traditional credit market favors large corporations with public bond offerings, leaving mid-sized and growth companies to absorb high issuance costs. Metaplanet says tokenized BTC-collateralized credit could open that market with 24/7 trading, automated interest and onchain redemption rails.
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How much bitcoin does Metaplanet hold?
Metaplanet holds 43,000 BTC, worth roughly $2.47 billion. That makes it the third-largest publicly traded holder of bitcoin, behind Strategy and Twenty One Capital.
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What role does each partner play in the study group?
Metaplanet and its securities arm handle product design, distribution and post-issuance servicing. JPYC provides yen stablecoin rails for payments and redemptions. Progmat supplies the regulated tokenization and ownership-tracking infrastructure.
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What is Siiibo Securities and how does it fit in?
Siiibo Securities is the securities firm Metaplanet acquired last month for 2.1 billion yen. It is being renamed Metaplanet Securities on July 13 and is the fourth member of the study group handling origination and investor management.
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