Metaplanet, yen stablecoin issuer JPYC and security token platform Progmat announced they are studying bitcoin‑backed digital credit products that would tokenize bitcoin as collateral for Japanese markets. The initiative seeks to open Japan’s credit market to mid‑sized and growth companies by using onchain infrastructure for 24/7 trading, automated interest payments and transparent redemptions. Metaplanet, which holds 43,000 bitcoin valued at about $2.47 billion, is examining whether bitcoin can serve as collateral for debt instruments with daily interest accrual, a practice that exists in the United States but not yet in Japan. The study group also includes Metaplanet Securities, formerly Siiibo Securities, which was acquired for 2.1 billion yen, JPYC and Progmat. The four companies will review product design, proof‑of‑concept requirements and the possibility of future issuance, with no decisions made on timing, terms, yields or distribution methods. Traditional Japanese credit markets favor large corporations issuing public bonds, while mid‑sized and growth firms often face high issuance and management costs. Digital credit could lower those barriers by enabling continuous global trading, holder‑level rights management, automated interest calculations and onchain payments and redemptions. Metaplanet and its securities unit would design and market the products, JPYC would support stablecoin payments and redemptions, and Progmat would provide a regulated platform for token issuance and transfer tracking. The study remains ongoing and no issuance schedule, terms or yields have been determined.