dead planet (Tayo: 3350)Japan’s largest bitcoin holder, jointly conducted a study with three partners on bitcoin-backed credit instruments.
The Bitcoin treasury company announced this Via his X accountissuing “Notification of the Initiation of a Joint Study in the Field of Digital Credit Using BTC, $JPYC, and Security Tokens.”
The study aggregates Metaplanet with its brokerage arm Metaplanet SecuritiesThe issuer of the yen stablecoin JPYC, and the digital securities platform Progmat. program published His collaboration was released on the same day.
The four entities are studying how to integrate Bitcoin (BTC), the stablecoin JPYC and security tokens into a blockchain-based system for issuing and managing credit products such as corporate bonds.
What will the study model do?
Each asset plays a unique role in the proposed structure, with Bitcoin acting as collateral or a reserve asset. JPYC, a token pegged to the Japanese yen, handles settlement and payments. Security tokens carry fractional claims on debt instruments such as corporate bonds.
Dylan LeClair, Managing Director of Bitcoin Strategy at Metaplanet, Books about partnership on
.@metaplanetMetaplanet Securities, @jpyc_officialand @progmat_ar A joint study has begun on BTC-backed digital credit instruments capable of supporting 24/7/365 trading and daily prorated interest accrual. $ Bitcoin https://t.co/0bjH4kq4o7
– Dylan LeClair (@DylanLeClair) July 10, 2026
Right now, this is a study with the four companies trying to do the business case, none of which have published a timeline, product or volume target.
Why is Metaplanet conducting this study?
Meta Planet It is the third-largest Bitcoin holder, after Strategy and Twenty One Capital, with 43,000 BTC as of July 7, worth about $2.8 billion, according to BitcoinTreasuries.net.
Metaplanet has been buying bitcoin steadily since 2023, a move that mirrors the treasury playbook laid out by Michael Saylor at Strategy.
Its balance sheet is a major reason why a credit business comes to the table. A company holding billions in bitcoin could, in theory, use these reserves to support or guarantee lending rather than selling them.
In March, Metaplanet CEO Simon Jerovich announced two subsidiaries, Metaplanet Ventures and a Miami-based Metaplanet Asset Management unit focused on digital credit and bitcoin capital markets.
The venture arm has also committed 400 million yen (about $2.5 million) for JPYC’s Series B round. JPYC issues its yen stablecoin in exchange for bank deposits and government bonds and operates on Ethereum, Avalanche, and Polygon. The new joint study puts this previous investment in JPYC into practice.
What strategy template does Metaplanet follow?
Metaplanet did not invent this category. The strategy, rebranded from MicroStrategy, has raised billions this year and continues to raise it through equity, convertible debt and preferred stock. The strategy also revealed a Digital credit capital framework On June 29th. Strategy’s digital credit assets have grown from zero to approximately $14 billion in 15 months.
Saylor wrote on X On July 9, “Digital credit is transparent because the main market risk factor is Bitcoin, a homogeneous, observable asset.”
However, these instruments are leveraged bets on a single volatile asset. If Bitcoin tumbles severely, collateral values shrink while liabilities remain flat, a pressure that critics of the strategy have pointed to.
It is still unknown whether the MetaPlanet study will conclude that the yen-denominated version clears the regulatory hurdle in Japan, but observers, especially investors, will be watching the results of the study and any transition from research to product.
