Metaplanet studies Bitcoin-backed digital credit in Japan

Metaplanet Securities, stablecoin issuer JPYC and tokenization provider Progmatare announced a joint study in Japan to explore Bitcoin-backed digital credit products that use BTC as collateral and JPYC for settlement.

The study, announced Friday, will examine whether Bitcoin can secure or enhance credit instruments such as digital corporate bonds issued on a blockchain ledger. Features under review include round-the-clock access, on-chain settlement and daily interest accrual for holders. No product has been launched; the work will focus on product design, proof-of-concept work and the potential for future issuance, with no issuance decision made.

Under the proposed structure, Metaplanet Securities would combine its securities platform with the yen-pegged JPYC stablecoin and Progmatare’s tokenization infrastructure. Bitcoin would serve as collateral or a credit-enhancement tool, JPYC would be used for settlement and payments, and security tokens would record and manage investor rights on-chain.

Metaplanet described the joint study as an effort to develop a “more efficient and transparent credit market for both issuers and investors.” The project is part of Metaplanet’s Project Nova, which treats Bitcoin as “productive collateral on the balance sheet” and aims to offer “new yield products and capital market access to retail and institutional investors in Japan.”

Metaplanet holds about 43,000 BTC, acquired for approximately $4.1 billion, and added 2,823 BTC in the second quarter of 2026 at an average price near $78,850 per coin. Earlier in 2026 the company announced plans to acquire Siiibo Securities and rename it Metaplanet Securities, and in March it established Metaplanet Ventures to support Bitcoin ecosystem development in Japan.

Market data from RWA.xyz show the total tokenized real-world-asset sector valued near $33 billion, with asset-backed credit at about $2.3 billion and tokenized corporate credit at roughly $1.76 billion. Investors have shown interest in credit products tokenized on blockchains, and some corporate Bitcoin holders have previously used digital credit instruments to raise capital.

The study will assess technical, legal and market readiness for BTC-backed structures in regulated Japanese markets, covering custody, valuation, margining and investor protections. Metaplanet and its partners framed the work as exploratory and reiterated that no timetable for issuance has been set.