Metaplanet announced that it has initiated a joint research initiative in Japan with JPYC, the issuer of the Japanese yen stablecoin, Progmat, a tokenization company, and its securities division, to evaluate the feasibility of issuing digital credit products backed by or enhanced with Bitcoin. No decision has yet been made on whether to officially launch such products.
The research scope covers digital corporate bonds.
This research is part of Project Nova and focuses on product design, regulatory requirements, investor protection, settlement processes, and technical conditions. The study covers digital corporate bonds and other blockchain-based credit instruments.
Metaplanet and Metaplanet Securities will be responsible for product design and distribution research. JPYC will evaluate the issuance, redemption, and payment functions of the stablecoin. Progmat will provide the infrastructure required for security token issuance, holder recordkeeping, and transfer controls.
The issuance time and yield are undetermined.
Under the current plan, investor rights will be recorded through security tokens, and interest payments, profit distributions, and redemptions can be facilitated via JPYC or similar yen-denominated instruments. Participants will also evaluate arrangements such as 24-hour trading and daily interest accrual.
The company stated that the issuance timeline, yield, product terms, and sales method have not yet been determined. If the project proceeds, it will still require internal approval, technical validation, and coordination with relevant regulatory authorities.
The uses of the Bitcoin treasury continue to expand.
Metaplanet has incorporated this research into its plan to build a Bitcoin financial services business in Japan, aiming to expand Bitcoin from a mere reserve asset into a balance sheet instrument capable of supporting financial products.
In June this year, Metaplanet agreed to acquire Siiibo Securities for 2.1 billion yen. The licensed securities firm is expected to rename itself Metaplanet Securities on July 13. This acquisition gives the company immediate access to a corporate bond platform and a pathway to Japan’s Category One Financial Instruments Business license.
Holdings rise to 43,000 BTC
While advancing its research into credit products, Metaplanet continued to expand its Bitcoin treasury, increasing its holdings by 2,823 BTC in the second quarter, bringing its total holdings to 43,000 BTC.
However, its Bitcoin revenue business income decreased by approximately 41% quarter-over-quarter to ¥1.747 billion. The company also stated a long-term goal of holding 210,000 BTC by the end of 2027, but this research does not imply that existing holdings have been used for any specific credit product.
Additional information: The original text notes that the tokenized assets tracked by RWA.xyz encompass categories such as government bonds, private credit, corporate credit, and commodities, which is one of the market contexts driving Metaplanet’s related research.