Metaplanet, JPYC and Progmat Study Bitcoin-Backed Credit Using 43,000 BTC in Japan
Updated
Updated · CoinDesk · Jul 10
Metaplanet, JPYC and Progmat Study Bitcoin-Backed Credit Using 43,000 BTC in Japan
3 articles · Updated · CoinDesk · Jul 10
Summary
Metaplanet, JPYC and Progmat have launched a study into bitcoin-backed digital credit products in Japan, with Siiibo Securities also joining the effort ahead of its July 13 rename to Metaplanet Securities.
The group is examining whether BTC can collateralize credit instruments with daily interest accrual, 24/7 trading and onchain settlement—features Metaplanet says exist in the U.S. but not yet in Japan.
Metaplanet is anchoring the project with its 43,000 BTC treasury, worth about $2.47 billion, as it pushes beyond simply holding bitcoin into using it for credit enhancement, collateral and value storage.
JPYC would handle stablecoin-based payments and redemptions, while Progmat would provide the regulated tokenization platform for ownership tracking, transfers and investor rights management.
The initiative targets Japan's mid-sized and growth companies, which Metaplanet says face high issuance and servicing costs in a credit market still tilted toward large public bond issuers; no issuance terms or timing have been set.
How will Metaplanet's credit products survive a major Bitcoin price crash with 43,000 BTC pledged as collateral?
Could Bitcoin-backed loans disrupt Japan's megabanks, or will the banks simply absorb this new onchain technology?
Is this bitcoin-backed credit a true financial innovation or a high-stakes bet on a perpetually weak yen?
Japan’s Bitcoin Revolution: Metaplanet’s $4.1B Treasury Powers New Era of Digital Credit and Financial Innovation
Overview
On July 10, 2026, Metaplanet, JPYC, and Progmat announced a joint study to explore Bitcoin-backed digital credit products in Japan. This collaboration marks a pivotal step toward integrating Bitcoin into mainstream finance by leveraging the unique properties of digital assets. The initiative aims to foster a more efficient and transparent financial ecosystem for businesses. Metaplanet, through its securities unit, is leading the effort to use its Bitcoin treasury as active collateral, transforming it from a passive holding into a dynamic financial infrastructure. The study focuses on combining Bitcoin, stablecoins, and security tokens to create innovative credit offerings.