“The four companies will examine product design issues, 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, performance, product details, distribution methods, or form of collaboration.”
Japan’s traditional credit market tilts in favor of large corporations with public bond offerings. According to Metaplanet, mid-sized and growing companies often face high costs and operational burdens around issuance, sales, investor management, interest payments and repayments.
Digital credit could open up the debt market to these smaller companies, bridging traditional capital markets with on-chain technology, enabling 24/7 global transactions and settlements, rights management at the holder level, automated prorated interest calculations, and transparent on-chain payments/repayments.
Key roles
Each company brings its own strength. Metaplanet and its securities arm will design and create new products that combine bitcoin with credit offerings. They will also be in charge of selling them to investors, communicating with customers and managing everything afterwards.
JPYC will explore the use of its stablecoin in the process, ensuring it can be used seamlessly for payments and exchanges.
Progmat will provide a secure and regulated system to convert products into digital tokens on the blockchain. This includes tracking ownership, handling transfers, and connecting everything to the stablecoin’s payments system.
