Metaplanet explores bringing bitcoin-backed digital credit to Japan

Metaplanet, the third-largest publicly traded holder of bitcoin, is exploring bringing bitcoin-backed digital credit to Japan. The bitcoin treasury company is working with JPYC and Progmat to explore tokenized credit products backed by bitcoin, aiming to create efficient, 24/7 credit markets in Japan.

• Metaplanet, yen stablecoin issuer JPYC, and security token platform Progmat are together studying bitcoin-backed digital credit products that tokenize BTC as collateral.
• The initiative aims to open Japan’s credit market to more mid-sized and growth companies by using onchain infrastructure for 24/7 trading, automated interest payments, and transparent redemptions.
• The project aligns with Metaplanet’s broader strategy to use its 43,000 BTC treasury as a foundational asset for credit enhancement, value storage, and collateral in regulated digital markets.

The Tokyo-based company said it is studying whether bitcoin could be used as collateral for credit instruments with daily interest accrual, a market it says exists in the U.S., but not Japan. Digitization would allow 24/7/365 trading and settlement of the instruments, it said in a Friday statement.

Bitcoin-backed credit is an emerging product using BTC as the core collateral for debt offerings. The market is driven mainly by public companies that hold bitcoin and use it to create products that pay dividends or interest, turning the idle coin stash into a cash-generating instrument.

The study group will also include Siiibo Securities - which it bought for 2.1 billion yen ($13 billion) last month - JPYC, the yen stablecoin issuer, and Progmat, a regulated security tokens platform. Siiibo 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," Metaplanet said in a statement. "At this time, nothing has been determined regarding issuance timing, terms, yield, product details, distribution methods, or the form of collaboration."

Japan's Credit Market Context

Japan's traditional credit market leans in favor of large corporations with public bond offerings. Mid-sized and growth companies often face high costs and operational burdens around issuance, sales, investor management, interest payments, and redemptions, according to Metaplanet.

Digital credit could open the debt market to these smaller companies, bridging traditional capital markets with onchain technology, enabling:

• 24/7 global trading and settlement
• Holder-level rights management
• Automated pro-rata interest calculations
• Transparent onchain payments/redemptions

Key Roles

Each company is bringing its own strength to the table:

• Metaplanet and its securities arm will design and create the new products that combine bitcoin with credit offerings. They’ll also handle selling them to investors, communicating with customers, and managing everything afterward.
• JPYC will explore the use of its stablecoin in the process, making sure it can be used smoothly for payments and redemptions.
• Progmat will provide a secure, regulated system for turning the products into digital tokens on the blockchain. This includes tracking ownership, handling transfers, and connecting everything to the stablecoin payments system.

Metaplanet holds 43,000 BTC worth $2.47 billion. Only Strategy (MSTR) and Twenty One Capital hold more.

Market Context

Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch. Our report examines what drove the divergence, where structural adoption continued regardless, and what Q3 signals to watch.

Why it matters: Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch. Our report examines what drove the divergence, where structural adoption continued regardless, and what Q3 signals to watch.