Metaplanet, the Tokyo-listed company that has become Japan’s answer to MicroStrategy, is no longer content just stacking sats. The firm announced a feasibility study with stablecoin issuer JPYC and blockchain infrastructure provider Progmat to develop Bitcoin-backed digital credit products featuring 24/7 trading and daily interest accrual.
In English: they want to use Bitcoin as collateral to create something that looks a lot like a tokenized bond, denominated in yen stablecoins, that pays you interest every single day and trades around the clock.
What the three companies are actually building
The study brings together three distinct pieces of the puzzle. Metaplanet (TSE: 3350) provides the Bitcoin, holding approximately 43,000 BTC as of early July 2026. JPYC contributes Japan’s first regulated yen-denominated stablecoin. Progmat supplies the compliant blockchain infrastructure that has underpinned digital asset projects in partnership with major Japanese banks since 2023.
The concept is straightforward enough. Bitcoin sits as collateral backing credit products that are issued and traded on Progmat’s rails, with JPYC’s stablecoin serving as the settlement layer. The products would accrue interest daily, a feature that makes them look more like money market instruments than anything typically associated with crypto.
