Metaplanet, Metaplanet Securities, JPYC — Japan’s yen-pegged stablecoin — and Progmat — Mitsubishi UFJ Trust’s security-token platform — announced a joint study in Digital Credit. BTC settlement, JPY-stablecoin rails, and security-token infrastructure, coordinated. Japan’s corporate bond market is built for large public issuers; mid-sized and growth companies need a different rail. This is the study to build it. The Capitalist read: full digital-credit stack, national scale, integrated with Japan’s largest trust bank. The Fundamentalist cross-read: the Fed has one move left; Japan is quietly building the entire replacement platform.