“The four companies will examine issues related to product design, the need for proof-of-concept initiatives and the possibility of future emissions,” Metaplanet said in a statement. “At this time, nothing has been determined regarding the issuance schedule, conditions, yield, product details, distribution methods or form of collaboration.”
Japan’s traditional credit market leans in favor of large companies issuing government bonds. According to Metaplanet, mid-sized and growing companies often face high costs and operational burdens related to issuance, sales, investor management, interest payments and redemptions.
Digital credit could open up the debt market to these small businesses, linking traditional capital markets with on-chain technology, enabling 24/7 global trading and settlements, holder-level rights management, automated pro-rata interest calculations, and seamless on-chain payments/redemptions.
Key roles
Each company brings its own strength. Metaplanet and its securities branch will design and create new products combining Bitcoin and credit offers. They will also be responsible for selling them to investors, communicating with clients and managing everything afterwards.
JPYC will explore the use of its stablecoin during the process, ensuring that it can be used seamlessly for payments and redemptions.
Progmat will provide a secure and regulated system for transforming products into digital tokens on the blockchain. This includes tracking ownership, managing transfers, and connecting everything to the stablecoin payment system.
