Metaplanet, JPYC, and Progmat Study Bitcoin-Backed Credit Products but Have Not Set Issuance Terms

Metaplanet is studying bitcoin-backed digital credit products that tokenize BTC as collateral, CoinDesk reported. The Tokyo-based company is working with yen stablecoin issuer JPYC and security token platform Progmat on the initiative. The products would support 24/7 trading, automated interest payments and transparent redemptions in Japan’s credit market.

Metaplanet holds 43,000 BTC valued at $2.47 billion and ranks as the third-largest publicly traded bitcoin holder. The study group also includes Siiibo Securities, which Metaplanet acquired for 2.1 billion yen last month. Siiibo Securities will be renamed Metaplanet Securities on July 13.

Metaplanet and its securities arm will design the products, sell them to investors and manage post-sale activities. JPYC will explore use of its stablecoin for payments and redemptions. Progmat will supply a regulated blockchain system for tokenization, ownership tracking and transfers.

Metaplanet stated that the four companies will examine product design issues, the need for proof-of-concept initiatives and the possibility of future issuance. Nothing has been determined on issuance timing, terms, yield, product details, distribution methods or collaboration form, the company said. Japan’s traditional credit market favors large corporations.

The digital approach could extend access to mid-sized and growth companies through onchain infrastructure, according to Metaplanet. Bitcoin traded at $64,373.86.