Mitsui & Co.'s Crypto Arm Brings Tokenized Metals Asset Zipangcoin to OP Mainnet

Why It Matters

The launch brings regulated, commodity‑backed assets to a public DeFi layer, expanding institutional participation and setting a precedent for on‑chain real‑world assets.

Key Takeaways

• Zipangcoin launches on Optimism, first public blockchain for Mitsui token
• GMO Coin lists ZPG on April 20, expanding Japanese crypto access
• OP Mainnet processed 6 billion transactions in 2025, 29× growth
• Tokenized precious metals market could hit $400 billion by 2030
• Institutional RWAs on public chains grew to $18.6 billion in 2025

Pulse Analysis

Mitsui & Co.’s digital commodities arm has taken its Zipangcoin (ZPG) token—backed by gold, silver and platinum—off a private ledger and onto Optimism’s OP Mainnet. The move follows a 2022 issuance under Japan’s strict securities framework and marks the first time a Japanese‑regulated commodity token will trade on a public blockchain. By partnering with GMO Coin for an April 20 listing, Mitsui aims to give global investors direct exposure to physical metals through a compliant, on‑chain vehicle, bridging traditional commodity markets with DeFi liquidity. The token complies with Japan’s Financial Instruments and Exchange Act, reinforcing investor protection.

Optimism was chosen after a due‑diligence review highlighted its rapid scaling—over six billion transactions processed in 2025, a 29‑fold increase in two years. The L2 now hosts $393 million in total value locked, $579 million in stablecoins and daily DEX volume exceeding $623 million, positioning it among the top DeFi ecosystems. This infrastructure gives ZPG instant settlement, low fees and composability with existing protocols, while the public nature of OP Mainnet satisfies regulatory transparency requirements that private chains struggle to meet. Furthermore, Optimism’s roadmap includes zk‑rollup upgrades that promise even greater scalability.

The launch arrives as tokenized real‑world assets (RWAs) accelerate, with on‑chain RWAs tripling to $18.6 billion in 2025 and forecasts projecting a $400 billion market by 2030. By anchoring ZPG to physical metals, Mitsui taps a segment that has seen 40‑fold growth in commodity perpetuals and draws institutional capital seeking low‑correlation hedges. As more legacy firms migrate compliant assets onto layer‑2 solutions, the competitive edge will hinge on regulatory clarity, cross‑chain liquidity and the ability to integrate with DeFi primitives, setting the stage for a new era of commodity‑backed crypto. These dynamics suggest that tokenized metals could become a cornerstone of diversified crypto portfolios.