BlockBeats News, July 10th. According to CoinDesk, Tokyo-listed company Metaplanet is collaborating with the JPYC stablecoin issuer and compliant security token platform Progmat to establish a research group. The group aims to explore a digital credit product collateralized by Bitcoin, where BTC will be tokenized as collateral for a debt instrument that accrues interest daily, is tradable and settleable 24/7.

This research initiative will also involve Siiibo Securities, acquired earlier this year by Metaplanet and set to be renamed Metaplanet Securities, to oversee product design and distribution.

Currently, Metaplanet holds approximately 43,000 BTC, which will be utilized as a credit enhancement, store of value, and compliant collateral asset. This initiative seeks to address the challenges faced by medium-sized and growth companies in Japan, such as high financing costs and complex processes in the traditional bond market.