Japan's CRYL offers Bitcoin-backed loans up to $6.2M
Japanese lender CRYL is offering Bitcoin-backed fiat loans of up to $6.2 million, signaling a slow but steady expansion of regulated crypto lending in Japan's credit markets.
Japanese lender CRYL has launched a Bitcoin-backed lending service offering fiat loans of up to 1 billion yen ($6.2 million). The product allows individuals and businesses to raise capital against their BTC holdings without liquidating the underlying asset. CRYL positions the service as a third option for crypto holders, sitting between simply holding the digital asset or selling it outright.
Borrowers can access between $6,200 and $6.2 million at annual interest rates of 3.5% to 7%. The loans require collateral ratios of 40% to 60%, run for a one-year term, and are structured for lump-sum repayment of principal and interest at maturity. Proceeds can be deployed for business funding, property acquisitions, or tax obligations, though all applicants must undergo formal screening.
Competitive positioning
The launch expands Japan's small but developing market for regulated crypto-backed financing. It directly competes with Fintertech, a joint venture formed by Daiwa Securities Group and Credit Saison that has offered similar products since 2020. Fintertech currently caps its lending at $3 million against Bitcoin or Ether, with annual rates between 4% and 8%, a fixed 50% collateral ratio, and a minimum loan size of $31,000.
CRYL's product undercuts Fintertech on both the minimum borrowing threshold and the maximum ceiling, though it restricts collateral solely to Bitcoin. The established competition gained a significant distribution advantage in October 2025, when Daiwa Securities began referring its branch customers directly to Fintertech's digital asset loans. Fintertech is 80% owned by Daiwa Securities Group and 20% owned by Credit Saison.
Broader credit applications
Beyond direct consumer and commercial lending, Japanese financial firms are testing Bitcoin's utility in more complex credit instruments. Metaplanet Securities, yen stablecoin issuer JPYC, and tokenization infrastructure provider Progmat announced a joint study on using BTC as collateral or credit enhancement for digital corporate bonds and other blockchain-based credit instruments.
That initiative remains entirely in the research phase, with the participating companies noting that no actual bond issuance has been decided. However, the parallel development of direct lending and structured credit products highlights a growing consensus among Japanese firms that Bitcoin can function as a practical tool for fiat credit extension.
