Japanese listed firm 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. A July 10 filing describes instruments that would trade and settle on a 24/7 basis and accrue interest daily. Metaplanet currently holds more than 43,000 BTC, having added 2,823 during the second quarter, a treasury the study would convert from a passive balance-sheet asset into collateral for new financial products.
Roles Divided Among Four Companies
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. They will also run screening, distribution, investor communication, and ongoing administration. JPYC will explore stablecoin issuance and redemption, including using its yen-pegged token to pay, distribute, and redeem bonds and other instruments, with potential collaboration with Metaplanet Securities. Progmat will supply regulated infrastructure covering security token issuance and management, rights transfer, holder management, transfer restrictions, and connection to stablecoin settlement. Siiibo Securities, the licensed brokerage Metaplanet is folding into the group, adopts the Metaplanet Securities name on July 13.
Project NOVA Targets Japan's Credit Market Gap
The study is framed as part of Project NOVA, the company's plan to treat Bitcoin as productive collateral rather than a passive holding, packaging Bitcoin-linked products, credit products, and stablecoin settlement into new yield products for retail and institutional investors. 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 bear the administrative weight of issuance and servicing. Stablecoins and security tokens could link conventional infrastructure to on-chain settlement. Metaplanet has already used a similar model in financing by securing a $500 million Bitcoin-collateralized credit facility in October alongside a share buyback.
The filing noted that nothing has been determined regarding 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.