Japan's CRYL writes the check, $BTC writes the collateral 💰

Japanese lender CRYL has introduced Bitcoin-backed loans of up to 1 billion yen ($6.2 million), giving individuals and businesses a way to draw fiat currency without disposing of their $BTC holdings. The company announced Thursday that borrowers can take out between $6,200 and $6.2 million at annual interest rates of 3.5% to 7%, with collateral ratios of 40% to 60% and a one-year term.

CRYL said proceeds may be used for expenses including taxes, business funding and property purchases, and framed the product as adding a third option for holders beyond continuing to hold or selling their crypto. Applicants must undergo screening, and most loans use a lump-sum repayment structure, with principal and interest due after one year.

The launch expands Japan's small market for regulated crypto-backed financing. Fintertech, an 80/20 joint venture of Daiwa Securities Group and Credit Saison, launched a comparable service in 2020 and currently lends up to $3 million against $BTC or $ETH. Fintertech's website lists loans for individuals and businesses with annual rates of 4% to 8%, a 50% collateral ratio and a minimum borrowing amount of 5 million yen ($31,000). In October 2025, Daiwa Securities began referring customers at its branches across Japan to Fintertech's digital asset-backed loans.

CRYL advertises a higher ceiling and a lower minimum than Fintertech, while limiting eligible collateral to Bitcoin. Other Japanese companies are also exploring Bitcoin's role in credit markets. On Friday, Metaplanet Securities, yen stablecoin issuer JPYC and tokenization infrastructure provider Progmat said they would study using $BTC as collateral or credit enhancement for digital corporate bonds and other blockchain-based credit instruments, though no issuance has been decided.