Metaplanet has agreed to open a joint study with Metaplanet Securities, stablecoin issuer JPYC, and tokenization provider Progmat to develop digital credit products backed by Bitcoin, targeting instruments that would trade and settle on a 24/7 basis and accrue interest daily.
The company set out the initiative in a July 10 filing issued under Chief Executive Officer Simon Gerovich, describing a study that spans the digital credit domain from digital corporate bonds to other credit instruments. The framework positions Bitcoin as a backing or credit-enhancement asset, routes payments and redemptions through JPYC, and uses security tokens issued on Progmat’s infrastructure to represent holder rights.
Metaplanet holds more than 43,000 BTC after adding 2,823 during the second quarter, a treasury the study would convert from a passive balance-sheet asset into collateral for new financial products.
Metaplanet Divides Roles Among JPYC And Progmat
The four companies will split the work across product design, regulation, operational flows, investor protection, settlement and distribution, rights and holder management, and technical verification. Metaplanet and Metaplanet Securities will handle product design and structuring, drawing on the company’s Bitcoin treasury strategy, listed-company creditworthiness, and investor base alongside the brokerage’s credit-product expertise, and they will run screening, distribution, investor communication, and ongoing administration.
JPYC will explore stablecoin issuance and redemption, including the use of its yen-pegged token to pay, distribute, and redeem bonds and other instruments, and it flagged potential collaboration with Metaplanet Securities. Metaplanet already carries an interest in the issuer after naming JPYC as the first target of its ¥4 billion venture arm in March.
Progmat will supply regulated infrastructure covering security token issuance and management, rights transfer, holder management, transfer restrictions, and the connection to stablecoin settlement. Siiibo Securities Inc., the licensed brokerage Metaplanet is folding into the group, adopts the Metaplanet Securities name on July 13.
Project NOVA Aims At Japan’s Credit Market
The study is framed part of Project NOVA, its plan to treat Bitcoin as productive collateral rather than a passive holding and to package Bitcoin-linked products, credit products, and stablecoin settlement into new yield products for retail and institutional investors. The company has already leaned on that approach in financing, drawing on a $500 million Bitcoin-collateralized credit facility secured in October alongside a share buyback.
The filing tied the effort to a structural gap in Japan’s debt market, where public offerings favor large issuers while mid-sized and growth companies absorb the administrative weight of issuance and servicing, with stablecoins and security tokens linking conventional infrastructure to on-chain settlement.
The filling noted that “nothing has been determined” on issuance timing, terms, yield, or the form of collaboration, adding that any issuance would follow a separate announcement. The work extends a treasury strategy that targets 210,000 BTC by the end of 2027, roughly 1% of Bitcoin’s fixed supply.
