Metaplanet explores Bitcoin-backed digital credit with JPYC in Japan

Metaplanet said it is studying Bitcoin-backed digital credit products in Japan with JPYC and Progmat, but no product has been launched.

Joint Study Announcement

Notice of Commencement of a Joint Study in the Digital Credit Domain Utilizing Bitcoin, JPYC, and Security Tokens. Source: Metaplanet

Metaplanet is the world’s third-largest corporate Bitcoin holder at the time of writing, with 43,000 Bitcoin acquired for about $4.1 billion. The company acquired 2,823 Bitcoin during the second quarter of 2026 at an average price of about $78,850 per coin.

Metaplanet said the joint study aims to explore the development of a “more efficient and transparent credit market for both issuers and investors.” The study will examine issues in product design, proof-of-concept initiatives and the possibility of future issuance, but it highlighted that nothing has been determined regarding issuance at this time.

Project Nova

Through Project Nova, Metaplanet treats Bitcoin as “productive collateral on the balance sheet.” Metaplanet said that the project aims to deliver “new yield products and capital market access to retail and institutional investors in Japan” to bridge conventional securities markets and digital asset markets.

In June, Metaplanet announced plans to acquire Siiibo Securities and rename it Metaplanet Securities, as part of its broader plans to develop Project Nova. In March, Metaplanet established a new venture firm, Metaplanet Ventures, to support the Bitcoin ecosystem’s development in Japan.

Market Context

Related: Bitcoin nears cycle bottom as over half of supply is held at a loss, says K33

Investors are already showing demand for credit products tokenized on the blockchain. Total RWA value, all-time chart. Source: RWA.xyz

Looking at the $33 billion tokenized real-world asset sector, asset-backed credit was the third-largest sector worth $2.3 billion, while tokenized corporate credit was the fifth-largest with $1.76 billion in value tokenized on the blockchain, data aggregator RWA.xyz shows.

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