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Metaplanet launches study for tokenized, bitcoin-backed credit in Japan
The study with JPYC, Progmat and Siiibo Securities will explore whether bitcoin can be used as collateral for daily interest tokenized credit instruments, potentially digitizing aspects of trading and settlement.
Metaplanet, Japan’s largest corporate bitcoin holder, has opened a joint study with three partners to develop tokenized credit products backed by bitcoin, moving beyond holding bitcoin as a treasury asset and toward a potential financial platform role, according to Bitcoin Magazine.
The partners are JPYC, the yen stablecoin issuer, Progmat, a regulated security token platform, and Siiibo Securities. Metaplanet said it bought Siiibo Securities last month for 2.1 billion yen, about $13 million, and that Siiibo will become Metaplanet Securities on July 13.
The four companies plan to examine whether bitcoin can serve as collateral for credit instruments that pay interest each day. Metaplanet also described a concept for digitization that would allow trading and settlement 24 hours a day, 365 days a year, with rights management at the holder level, pro-rata interest calculations handled in software, and redemptions recorded on a public ledger.
Metaplanet said the project is still early, with the group assessing product design and proof-of-concept needs, while leaving open whether and when any future issuance could occur. The company added that nothing has been determined yet about issuance timing, terms, yield, product details, distribution methods, or the form of collaboration.
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