Metaplanet has announced a joint study with JPYC and Progmat to develop Bitcoin-backed digital credit products in Japan. The Tokyo-based company aims to explore tokenized instruments using its Bitcoin holdings as collateral.
Metaplanet, the third-largest publicly traded holder of Bitcoin with 43,000 BTC, said it is examining the use of the cryptocurrency as collateral for credit instruments with daily interest accrual. The initiative also involves Siiibo Securities, which will be renamed Metaplanet Securities on July 13.
The four companies will examine issues in product design, the need for proof-of-concept initiatives, and the possibility of future issuance, according to a statement from Metaplanet. Nothing has been determined regarding issuance timing, terms, yield, product details, distribution methods, or the form of collaboration.
The project seeks to enable 24/7 trading and settlement through digitization, potentially opening Japan's credit market to mid-sized and growth companies. JPYC will explore stablecoin use for payments, while Progmat will handle the regulated security token platform.
