“The four companies will explore issues in product design, the need for proof-of-concept initiatives and the possibility of future issuance,” Metaplanet said in a statement. “At this time, nothing has been determined regarding the timing of issuance, terms, returns, product details, distribution methods or the form of cooperation.”
Japan’s traditional credit market leans in favor of large companies with public bond offerings. Mid-sized and growth companies often face high costs and operating burdens around issuance, sales, investor management, interest payments and redemptions, according to Metaplanet.
Digital credit could open up the debt market for these smaller businesses, bridging traditional capital markets with onchain technology, enabling 24/7 global trading and settlement, holder-level rights management, automated pro-rata interest calculations and transparent onchain payments/redemptions.
Key roles
Each company brings its own strength to the table. Metaplanet and its securities arm will design and create the new products that combine bitcoin with credit offerings. They will also handle selling them to investors, communicating with customers and managing everything afterwards.
JPYC will examine the use of its stablecoin in the process and ensure that it can be used smoothly for payments and redemptions.
Progmat will provide a secure, regulated system to turn the products into digital tokens on the blockchain. This includes tracking ownership, handling transfers, and connecting everything to the stablecoin payment system.
