Metaplanet, JPYC study Bitcoin-backed credit products

Metaplanet has started a joint study into Bitcoin-backed digital credit products with stablecoin issuer JPYC, tokenization company Progmat and its securities arm in Japan.

The study will assess whether Bitcoin can support digital corporate bonds and other credit products as collateral or a credit-enhancement asset. However, the companies said they have not decided to issue any product.

Metaplanet studies Bitcoin-backed digital credit

According to Metaplanets July 10 announcement, the four companies will study product design, regulation, investor protection, settlement and technical requirements. Their work will cover digital corporate bonds and other blockchain-based credit instruments.

Metaplanet and Metaplanet Securities will lead product design and distribution. JPYC will examine stablecoin issuance, redemption and payment functions. Meanwhile, Progmat will provide infrastructure for security token issuance, ownership records and transfer controls.

The proposed structure would use security tokens to record investor rights. JPYC or similar yen-based instruments could handle interest payments, distributions and redemptions. The participants will also assess round-the-clock trading and daily interest calculations.

However, Metaplanet warned that “nothing has been determined” regarding issuance timing, yields, terms or distribution. Any future product would require internal approvals, technical checks and talks with relevant authorities.

Project Nova expands Bitcoins balance-sheet role

The study forms part of Project Nova, Metaplanets plan to build a Bitcoin-focused financial services business in Japan. The company said the project treats Bitcoin as “productive collateral on the balance sheet” rather than only a reserve asset.

Under the plan, Bitcoin could back credit instruments while stablecoins and security tokens connect traditional securities infrastructure with blockchain settlement. Metaplanet said it wants to offer yield products and wider capital-market access to retail and institutional investors.

As previously reported by crypto.news, Metaplanet agreed in June to acquire Siiibo Securities for JPY 2.1 billion. The licensed brokerage is scheduled to become Metaplanet Securities on July 13.

The acquisition gives Metaplanet access to an established corporate bond platform and a Type I Financial Instruments Business Operator. The company previously said it could use the platform to distribute Bitcoin-linked bonds and other income products in Japan.

Bitcoin treasury reaches 43,000 BTC

Metaplanets credit study follows another expansion of its corporate Bitcoin holdings. The company bought 2,823 BTC during the second quarter, raising its holdings to 43,000 BTC.

The company acquired the latest batch at an average price of about JPY 12.7 million per Bitcoin. Its total average purchase price stood near JPY 15.3 million per coin after the transaction.

At the same time, revenue from Metaplanets Bitcoin income business fell about 41% from the previous quarter to JPY 1.747 billion. The company has continued adding Bitcoin while developing products that could generate income from its treasury.

Metaplanet has also set a long-term goal of holding 210,000 BTC by the end of 2027. However, the new study does not confirm that the company will pledge its existing holdings to any specific credit product.

Tokenized credit market continues expanding

The proposed study comes as demand for blockchain-based financial assets continues to grow. RWA.xyz tracks tokenized government debt, private credit, corporate credit, commodities and other real-world assets across public and private networks.

Metaplanet said credit is suited to digitization because interest, repayment and collateral terms are fixed when an instrument is issued. Blockchain systems can then manage ownership records, payments and redemptions.