Metaplanet Explores Bitcoin-Backed Digital Credit Instruments

Metaplanet, Japan's largest corporate Bitcoin holder, has launched a joint study into Bitcoin-backed digital credit instruments. The company, which holds 43,000 BTC worth around $2.8 billion as of July 7, is exploring how to use these reserves to back or collateralize lending instead of selling them.

The study groups Metaplanet with its brokerage arm Metaplanet Securities, yen-stablecoin issuer JPYC, and digital securities platform Progmat. According to Dylan LeClair, managing director of Bitcoin Strategy at Metaplanet, the four entities are examining how Bitcoin (BTC), JPYC stablecoin, and security tokens could combine into a blockchain-based system for issuing and managing credit products such as corporate bonds.

The proposed structure would see Bitcoin serving as collateral or a reserve asset, while JPYC handles settlement and payments. Security tokens would carry fractional claims on debt instruments like corporate bonds.