Metaplanet, the third-largest publicly traded holder of bitcoin , is looking to enter the tokenized credit market in a move that would take it beyond simply stacking the cryptocurrency and further its aim of establishing the largest cryptocurrency as a foundational asset in the financial ecosystem.
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 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 and transparent onchain payments/redemptions.
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.