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Japanese investment and Bitcoin treasury company Metaplanet's securities arm, Metaplanet Securities, stablecoin issuer JPYC and tokenization infrastructure provider Progmat are tying up on a joint study on Bitcoin-backed digital credit products in Japan.
The study involves using BTC as collateral and a credit enhancement tool combined with the Japanese yen-pegged JPY Coin (JPYC) stablecoin for settlement and payments, while security tokens will be used to manage holder rights, Metaplanet <a href="https://contents.xj-storage.jp/xcontents/33500/ddfdd13d/13de/4c43/85b1/2ed05ef6a3e7/140120260710591291.pdf" rel="noopener noreferrer nofollow">said</a> Friday.
The joint study will examine whether Bitcoin can be used as collateral or credit enhancement for digital corporate bonds and other credit instruments, with 24/7 accessibility, settlement and daily interest accrual for holders, issued on the blockchain ledger. No product has been launched yet as part of the experiment.
The study suggests Metaplanet is looking beyond its role as a Bitcoin treasury company and testing how Bitcoin could be used as a productive balance sheet asset. The study ties into Metaplanet's Project Nova, an initiative announced earlier this year, which looks to extend the business into a Bitcoin financial services ecosystem in Japan.
Cointelegraph contacted Metaplanet for comment on whether the study could lay the foundation for future Bitcoin-backed digital credit products.
<a href="https://cointelegraph.com/news/saylor-strategys-bitcoin-sale-defend-digital-credit-products" rel="noopener noreferrer nofollow">Digital credit instruments</a> have been an important part of Strategy’s playbook. The world’s largest corporate Bitcoin holder has relied on "digital credit" instruments such as the STRC preferred stock as a primary vehicle for raising capital to acquire more Bitcoin.&nbsp;
<img alt="" height="836" src="https://s3-images.ctmedia.io/media/content/pasted-image-1973.png" width="936">
Notice of Commencement of a Joint Study in the Digital Credit Domain Utilizing Bitcoin, JPYC, and Security Tokens. Source: Metaplanet&nbsp;
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 <a href="https://cointelegraph.com/news/metaplanet-buys-2823-btc-surpasses-43000-bitcoin-holdings" rel="noopener noreferrer nofollow">acquired 2,823 Bitcoin</a> during the second quarter of 2026 at an average price of about $78,850 per coin.
<h2 id="metaplanet-aims-for-a-more-efficient-credit-market">Metaplanet aims for a more “efficient” credit market&nbsp;</h2>
Metaplanet said the joint study aims to explore the development of a “more efficient and transparent credit market for both issuers and investors.”&nbsp;
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.
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.&nbsp;
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,<a href="https://cointelegraph.com/news/metaplanet-expands-bitcoin-playbook-venture-firm" rel="noopener noreferrer nofollow"> Metaplanet established a</a> new venture firm, Metaplanet Ventures, to support the Bitcoin ecosystem’s development in Japan.
Related: <a href="https://cointelegraph.com/news/half-bitcoins-supply-at-loss-cycle-bottom-k33" rel="noopener noreferrer nofollow">Bitcoin nears cycle bottom as over half of supply is held at a loss, says K33</a>
Investors are already showing demand for credit products tokenized on the blockchain.
<img alt="" height="632" src="https://s3-images.ctmedia.io/media/content/pasted-image-1974.png" width="1585">
Total RWA value, all-time chart. Source: RWA.xyz&nbsp;
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 <a href="https://app.rwa.xyz/" rel="noopener noreferrer nofollow">shows</a>.
Magazine: <a href="https://cointelegraph.com/features/bollinger-is-bullish-on-bitcoin-trumps-ludicrous-crypto-profits-hodlers-digest" rel="noopener noreferrer nofollow">Strategy sells $216M Bitcoin, Bollinger bullish on BTC: Hodler's Digest, June 29-July 6, 2026</a>

Metaplanet explores Bitcoin-backed digital credit with JPYC in Japan

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