Metaplanet Explores Introducing Bitcoin-Backed Digital Credit to Japan

CoinFeed July 10 news, according to CoinDesk, Tokyo-listed Metaplanet is forming a research group with yen stablecoin issuer JPYC and compliant security token platform Progmat to explore Bitcoin-collateralized digital credit products, tokenizing BTC collateral for debt instruments with daily interest and 24/7 trading and settlement. The research will also involve Siiibo Securities (to be renamed Metaplanet Securities), acquired this year, responsible for product design and sales. Metaplanet currently holds approximately 43,000 BTC, planning to use them as credit enhancement, store of value, and compliant collateral assets to address high financing costs and cumbersome processes for medium-sized and growth enterprises in Japan's traditional bond market.