I checked Progmat's ST track record
ST: Security Token
There are 45 listings visible, of which 6 are corporate bonds
![$Metaplanet (3350.JP)$ Source:[Share Link: https://progmat.co.jp/concept/st_list/] ST: Security Token There are 45 listings visible, of which 6 are corporate bonds We trained an AI model on the rating methodologies of R&I and JCR to assign ratings to Metapura corporate bonds using only publicly available information. However, both agencies place significant emphasis on cash flows under normal conditions, soB+It was. relative to Okasan Securities Group—the lowest-rated issuer at BBB+,it is six notches lowerresulting in a distinctly speculative-grade rating that falls far short of investment grade. It's hard to imagine MetaPla’s corporate bonds being included here.[Sweat] In this situation, even if an incident were to occur, Progmat could legally deflect responsibility by saying, 'We merely tokenized it,'it would still be unable to escape reputational damage. since tokenization (ST) can also be performed by other providers, in the event of an incident,the loss of high-quality clients would hurt Progmat more.I think. Progmat’s corporate philosophy is 「co-creating programmable trust' Thus, in exchange for fee revenue from a single MetaPla transaction, there is a risk of diluting the established position as 'the platform used by major financial institutions and highly creditworthy issuers,'](https://sgsnsimg.moomoo.com/sns_client_feed/184457849/20260713/0d2013f6f73ce8454c29c065518cebb6.jpg?area=105&is_public=true&imageMogr2/ignore-error/1/format/webp)
We trained an AI model on the rating methodologies of R&I and JCR to assign ratings to Metapura corporate bonds using only publicly available information. However, both agencies place significant emphasis on cash flows under normal conditions, soB+It was.
relative to Okasan Securities Group—the lowest-rated issuer at BBB+,it is six notches lowerresulting in a distinctly speculative-grade rating that falls far short of investment grade.
It's hard to imagine MetaPla’s corporate bonds being included here.
In this situation, even if an incident were to occur, Progmat could legally deflect responsibility by saying, 'We merely tokenized it,'it would still be unable to escape reputational damage.
since tokenization (ST) can also be performed by other providers, in the event of an incident,the loss of high-quality clients would hurt Progmat more.I think.
Progmat’s corporate philosophy is
「co-creating programmable trust'
Therefore, this deal—which risks weakening the hard-earned reputation as 'the platform used by major financial institutions and highly creditworthy issuers' in return for fee income from just one MetaPla transaction—is indeedA bet not worth the riskIt certainly appears that way. If I were a Progmat shareholder, I’d do everything possible to stop it.
If Progmat pulls out, JPYC has no reason to stay, so naturally it will exit together.
To reiterate,
The four-company collaboration will remain at the discussion stage, and Metapura Securities will sell Metapura bonds using its conventional method (bank transfer). I’m voting for this outcome.
Given the vast difference in credibility between JPYC and Progmat, merely announcing a joint exploration with them essentially marks a success for Metapura’s investor relations.
Therefore, this outcome should be considered acceptable.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.Read more
Comment (1)
to post a comment
3