Metaplanet green lights Bitcoin digital credit study with JPYC, Progmat

Metaplanet (TYO: 3350), Japan’s largest corporate Bitcoin holder, has started a joint study with three partners into Bitcoin-backed credit instruments. The Bitcoin treasury company made this known via its X account, releasing a “Notice of Commencement of a Joint Study in the Digital Credit Domain Utilizing $BTC, $JPYC, and Security Tokens.” The study groups Metaplanet with its brokerage arm Metaplanet Securities, yen-stablecoin issuer JPYC, and digital securities platform Progmat.

Progmat published its own release on the collaboration the same day. The four entities are examining how Bitcoin (BTC), the JPYC stablecoin, and security tokens could combine into a blockchain-based system for issuing and managing credit products such as corporate bonds. What would the study model do?

Each asset plays a unique role in the proposed structure, with Bitcoin sitting as collateral or a reserve asset. JPYC, a token pegged one-to-one to the Japanese yen, handles settlement and payments. Security tokens carry fractional claims on debt instruments like corporate bonds.

Dylan LeClair, who is the managing director of Bitcoin Strategy at Metaplanet, wrote about the partnership on X, stating that the group has “commenced a joint study regarding BTC-backed digital credit instruments capable of supporting 24/7/365 trading and daily prorated interest accrual.” @Metaplanet, Metaplanet Securities, @jpyc_official, and @progmat_en have commenced a joint study regarding BTC backed digital credit instruments capable of supporting 24/7/365 trading and daily prorated interest accrual. $BTC https://t.

co/0bjH4kq4o7 — Dylan LeClair (@DylanLeClair) July 10, 2026 For now, this is a study with the four firms trying to examine feasibility, and none has published a timeline, a product, or a target size. Why is Metaplanet carrying out this study? Metaplanet is the third-largest corporate holder of Bitcoin, only behind Strategy and Twenty One Capital, as it holds 43,000 BTC as of July 7, worth about $2.

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