Overview
- The four firms launched a joint feasibility study on Friday, July 10, 2026 to design Bitcoin‑collateralized digital credit products using JPYC for settlement and Progmat for token issuance.
- Metaplanet brings roughly 43,000 BTC to the project and recently bought Siiibo Securities for ¥2.1 billion, a brokerage that will be renamed Metaplanet Securities on July 13 to provide licensed distribution capacity.
- Partners say the work is exploratory and that no decisions have been made about issuance timing, product terms, yields, collateral ratios, liquidation mechanics, or distribution methods.
- The proposed structure would use Bitcoin as backing, security tokens to record investor rights, and JPYC’s regulated yen stablecoin to handle payments and redemptions on a platform that could trade and settle around the clock.
- Japan’s early stablecoin rules and Progmat’s regulated token infrastructure make the experiment possible, but designers must answer investor‑protection and market‑risk questions that past crypto lending failures have exposed before any commercial launch.