Metaplanet has launched a joint study with JPYC, Progmat, and Metaplanet Securities to test whether its bitcoin can back tokenized digital bonds. The plan, dubbed Project NOVA, would settle those bonds around the clock through a yen stablecoin — but no launch date, rates, or terms exist yet.
Metaplanet wants to put its bitcoin to work rather than let it sit on the balance sheet. On July 10, 2026, the Tokyo-listed company announced a joint research study into using bitcoin as collateral for tokenized digital bonds, examining whether the framework could fit inside Japan’s regulatory system.
The study asks whether bitcoin can serve as credit enhancement and collateral instead of a line item that only rises and falls with the market. The company calls the effort its Project NOVA strategy.
A four-party structure
The research pairs Metaplanet with three partners, each holding a defined role. Metaplanet supplies the collateral and product design, Metaplanet Securities handles structuring and distribution, JPYC manages the stablecoin infrastructure, and Progmat develops the security token technology.
The collateral base is sizeable. Metaplanet holds roughly 43,000 BTC valued near $2.75 billion, which places it third among public corporate bitcoin holders behind Strategy and Twenty One Capital.
Round-the-clock settlement
The proposed structure would enable 24/7/365 bond settlement with daily interest accrual through a yen stablecoin, a design that steps outside the timing limits of Japan’s traditional bond market. The securities arm gives the group the license to pursue it.
Metaplanet acquired Siiibo Securities for about $13 million in June. That brokerage becomes Metaplanet Securities on July 13, 2026, bringing access to roughly 250,000 investors and a Type 1 Financial Instruments Business license.
Still on the drawing board
The company is careful to frame this as research, not a product. It says no product launch date, interest rates, or specific terms have been set, and that the announcement is not an offer or solicitation.
Metaplanet also notes that regulatory approval from Japanese authorities remains required before any tokenization of these instruments can move forward.
Source: Bitcoin.com News
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