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Metaplanet has launched a feasibility study with stablecoin issuer JPYC, tokenization platform Progmat, and its incoming securities arm to explore whether Bitcoin can serve as collateral for tokenized Japanese corporate bonds offering 24/7 trading and daily interest accrual.
The four companies have launched a feasibility study to assess whether Bitcoin can be used as collateral or a credit-enhancement asset for digital credit instruments, including tokenized corporate bonds.
The initiative does not signal the launch of a commercial product. Instead, it marks the beginning of an extensive review covering product design, legal compliance, investor protection, settlement systems and the technical framework needed to support blockchain-based credit markets.
The research forms part of Metaplanet’s broader Project Nova strategy, an initiative aimed at transforming the company’s growing Bitcoin treasury into a productive financial asset capable of supporting new capital market products.
According to Metaplanet’s announcement on July 10, the study will examine how Bitcoin-backed credit products could operate within Japan’s regulated financial system. The partners will evaluate whether Bitcoin can serve as collateral for digital corporate bonds and other tokenized credit instruments while maintaining compliance with existing securities regulations.
Each participant has been assigned a distinct role in the project.
Metaplanet and Metaplanet Securities will oversee product planning and potential distribution channels. Stablecoin issuer JPYC will focus on payment infrastructure, including the issuance, redemption and settlement of yen-denominated stablecoins. Meanwhile, tokenization specialist Progmat will provide the blockchain infrastructure needed to issue security tokens, maintain ownership records and manage transfers.
If eventually developed, the products could rely on security tokens to represent investor rights while yen-backed stablecoins such as JPYC facilitate coupon payments, principal repayments and redemptions.
The companies are also studying additional features that traditional financial markets often struggle to provide, including continuous 24-hour trading availability and automated daily interest calculations through blockchain infrastructure.
Despite the ambitious vision, Metaplanet stressed that no investment product has been approved or scheduled for launch.
“At this stage, nothing has been determined regarding issuance timing, yield, terms, or distribution,” the company said in its announcement, emphasizing that any future launch would require internal approvals, regulatory discussions and technical validation.
The research initiative represents another milestone in Project Nova, Metaplanet’s long-term strategy to expand beyond simply holding Bitcoin as a treasury reserve.
Rather than treating Bitcoin solely as a store of value, the company wants to explore how Bitcoin-backed credit could allow digital assets to support broader financial services and capital market products.
Metaplanet described Bitcoin as “productive collateral on the balance sheet,” highlighting its ambition to integrate cryptocurrency with regulated financial infrastructure.
The vision combines three key technologies: Bitcoin as collateral, stablecoins for settlement, and tokenized securities for ownership and compliance. Together, they could create regulated investment products accessible to both institutional and retail investors.
The concept aligns with a growing trend across global financial markets, where institutions are increasingly exploring tokenized versions of traditional financial instruments.
Larry Fink, Chairman and CEO of BlackRock, has repeatedly argued that tokenization represents “the next generation for markets,” saying blockchain technology can improve efficiency, transparency and settlement across financial systems.
Similarly, Citi projected in its widely cited Money, Tokens, and Games report that the tokenization market could reach trillions of dollars by the end of the decade, driven by the digitization of real-world financial assets.
The latest study follows Metaplanet’s strategic acquisition of Siiibo Securities in June for approximately JPY 2.1 billion.
The licensed brokerage is scheduled to become Metaplanet Securities on July 13, giving the company access to an established corporate bond platform and a licensed Type I Financial Instruments Business Operator.
That regulatory foundation could prove significant if Bitcoin-backed credit products eventually move from concept to commercialization.
With an existing securities platform already in place, Metaplanet would be better positioned to distribute tokenized bonds and future Bitcoin-linked income products under Japan’s regulatory framework.
However, executives have made clear that the current research should not be interpreted as confirmation that any existing Bitcoin holdings will be pledged to support future debt instruments.
Instead, the project remains firmly in the evaluation stage while technical, legal and commercial considerations are assessed.
The announcement comes shortly after Metaplanet significantly expanded its Bitcoin holdings during the second quarter.
The company acquired an additional 2,823 BTC, increasing its treasury to 43,000 BTC. According to Metaplanet, the latest purchase was completed at an average price of roughly JPY 12.7 million per Bitcoin, while its overall average acquisition cost stands near JPY 15.3 million per coin.
Although revenue generated from its Bitcoin-related business declined approximately 41% quarter-over-quarter to JPY 1.747 billion, the company has continued accumulating Bitcoin while exploring new ways to generate returns from its growing reserves.
Its long-term objective remains ambitious: holding 210,000 BTC by the end of 2027.
That expanding treasury provides the foundation for future Bitcoin-backed credit initiatives if feasibility studies eventually lead to commercially viable products.
The broader market backdrop also supports continued experimentation. According to RWA.xyz, tokenized real-world assets—including government debt, private credit, corporate bonds and commodities—have experienced rapid growth as financial institutions increasingly embrace blockchain infrastructure.
Credit instruments are viewed as particularly well suited for tokenization because repayment schedules, collateral arrangements and interest obligations are typically established at issuance. Once tokenized, blockchain networks can automate ownership records, settlement, distributions and redemptions with greater efficiency than many legacy systems.
While commercial details remain undecided, the collaboration signals growing confidence that Bitcoin-backed credit could become an important component of Japan’s evolving digital finance ecosystem. If successful, the project may demonstrate how Bitcoin can serve not only as a treasury asset but also as collateral supporting regulated investment products in the next generation of capital markets.
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