Metaplanet Explores Bitcoin-Backed Credit Products but Has Made No Decisions on Terms

Metaplanet is studying bitcoin-backed digital credit products that would tokenize its BTC holdings as collateral for instruments with daily interest accrual. The Tokyo-based company announced the review on July 10 and said it is working with yen stablecoin issuer JPYC and security token platform Progmat. The initiative seeks to build 24/7 credit markets in Japan through onchain infrastructure.

Metaplanet holds 43,000 BTC valued at $2.47 billion at the reported price of $64,209.91, making it the third-largest publicly traded bitcoin holder. It acquired Siiibo Securities last month for 2.1 billion yen and will rename the unit Metaplanet Securities on July 13. The four entities will examine product design, proof-of-concept needs and possible future issuance.

Metaplanet stated that no decisions have been made on timing, terms, yields, distribution or collaboration structure. JPYC will assess use of its stablecoin for payments and redemptions, while Progmat will supply a regulated blockchain system for tokenization and ownership tracking. Japan’s existing credit market favors large corporations.

Mid-sized and growth companies often encounter high costs for issuance, investor management and redemptions, according to the company. The proposed products would enable automated interest calculations and transparent onchain settlements.