Metaplanet, JPYC, and Progmat Launch Feasibility Study for 24/7 Blockchain-Based Corporate Bonds
Metaplanet (TSE: 3350) has announced a strategic four-party collaboration to explore the development of a digital credit market in Japan, utilizing a combination of Bitcoin, stablecoins, and security tokens (STs).
The joint feasibility study brings together Metaplanet, its soon-to-be-renamed brokerage unit Metaplanet Securities (formerly Siiibo Securities), stablecoin issuer JPYC, and blockchain infrastructure provider Progmat. The initiative aims to tackle long-standing operational hurdles in Japan’s debt capital markets, where mid-sized and growth-stage companies face high administrative burdens when issuing traditional corporate bonds.
According to the company, the study will focus on creating a digital credit framework where Bitcoin serves as the core collateral or credit-enhancement asset. By linking traditional financial infrastructure with blockchain networks, the consortium intends to design credit instruments capable of 24/7 global trading, instantaneous settlement, and automated, daily pro-rata interest distributions—features inspired by existing daily yield structures in the U.S. capital markets.
Under the proposed division of labor, Metaplanet and Metaplanet Securities will handle product architecture and distribution, JPYC will assess stablecoin integration for on-chain payments, and Progmat will supply the regulated infrastructure to oversee security token issuance and rights management.
Management clarified that the initiative—dubbed "Project NOVA"—is currently in the feasibility phase. No specific issuance dates, yields, or product structures have been finalized, and any future rollout remains subject to regulatory clearance and technical verification.
Norbert Gehrke
