Metaplanet launches research into Bitcoin-backed digital credit

The Japanese listed company Metaplanet, also known in the crypto world as the Japanese MicroStrategy, announces a feasibility study into Bitcoin-backed digital credit products. To this end, the company is collaborating with stablecoin issuer JPYC, tokenisation platform Progmat, and its own securities subsidiary. The goal is to combine Bitcoin as collateral with stablecoins and tokenisation infrastructure for continuous issuance, settlement, and interest payments.

Bitcoin is available at OKX and Bybit.

What does the collaboration entail?

Metaplanet stated in an official press release that the four parties are jointly investigating whether it is possible to set up digital credit products using Bitcoin as collateral. Specifically, it involves combining BTC collateral with both stablecoins and security tokens, enabling transactions and interest payments to take place 24 hours a day, seven days a week.

Progmat provides the tokenisation infrastructure for this, while JPYC contributes the Japanese yen stablecoin to the project. Metaplanet’s securities subsidiary handles the securities side of the structure. CEO Simon Gerovich is leading the initiative on behalf of Metaplanet, which is listed on the Tokyo Stock Exchange under the ticker TSE Standard 3350.

No concrete details on issuance

Although the announcement sounds promising, Metaplanet itself indicates that no definitive decisions have been made yet regarding the actual issuance of products. The study is currently focused on the feasibility and technical elaboration of the concept. Only if that research yields positive results will there possibly be further steps towards an official product.

Metaplanet is following MicroStrategy’s strategy with this initiative, but is now also looking for ways to put its Bitcoin treasury to productive use through credit structures. At the time of writing, Bitcoin is at $64.000, a decline of 0.4% over the past 24 hours. The broader market is closely monitoring developments around institutional Bitcoin applications, especially given recent moves such as the outflows from Bitcoin ETFs in recent days.

The full official announcement can be found via the press release from Metaplanet.