From Gold Bars to Blockchains: Mitsui Pushes Commodities On-Chain

Mitsui & Co.’s digital commodities arm has taken a decisive step into public blockchain infrastructure, deploying its commodity-backed token Zipangcoin (ZPG) on Optimism’s OP Mainnet.

Summary:

Mitsui migrates Zipangcoin from a private blockchain to Optimism, enabling global access.
Move aligns with rapid growth in tokenized RWAs, projected to reach $400 billion by 2030.
Japan’s regulatory clarity and strong institutional backing support expansion.

According to information from the Defiant, the move marks a shift from controlled, domestic systems toward global distribution, as institutional players increasingly position themselves within the fast-growing market for tokenized real-world assets.

From Closed System to Open Network

Since its launch in 2022, Zipangcoin has operated exclusively on Miyabi, a private blockchain developed by bitFlyer. That setup allowed Mitsui & Co. Digital Commodities (MDC) to maintain strict oversight while serving Japan’s domestic market.

By moving ZPG onto a public blockchain, MDC is opening the asset to broader participation across decentralized finance. The token – which represents exposure to gold, silver and platinum – can now interact with exchanges, lending protocols and other on-chain applications.

A key milestone will follow shortly. Japanese exchange GMO Coin is set to list the Optimism-based ZPG on April 20, providing immediate access to a wider user base and linking traditional exchange liquidity with on-chain infrastructure.

Scaling for a Global Rollout

MDC’s decision to build on Optimism reflects a focus on scalability and interoperability.

The OP Stack, which underpins Optimism, processed more than 6 billion transactions in 2025, making it one of the most active Ethereum Layer 2 ecosystems. For Mitsui, that level of throughput supports its stated goal of expanding beyond Japan.

Public deployment also introduces composability. ZPG can now serve as collateral, integrate into trading pairs, or underpin structured financial products – use cases that were not possible within a closed network.

In practical terms, the token shifts from a static commodity tracker to a programmable financial asset.

Riding the Tokenization Wave

The timing coincides with strong momentum in tokenized real-world assets.

On-chain RWAs reached roughly $18.6 billion earlier this year, driven by demand for assets that combine traditional value with blockchain efficiency. Analysts at Keyrock and Securitize expect the market to grow to as much as $400 billion by 2030.

As a Fortune Global 500 company with a market capitalization above $100 billion, the firm brings institutional credibility to a sector still dominated by crypto-native projects. Its connection to Berkshire Hathaway, a major shareholder, further reinforces its standing within traditional finance.

Competition Intensifies Across Layer 2s

Earlier this month, decentralized exchange GMX launched 24/7 gold and silver trading on Arbitrum, generating more than $10 million in volume on its first day. Meanwhile, ether.fi migrated $5.7 billion in total value locked to Optimism, citing its readiness for enterprise-grade financial activity.

These developments suggest that Layer 2 networks are becoming the primary battleground for tokenized assets. Institutions and protocols appear to be converging on a handful of platforms capable of handling both scale and compliance requirements.

Regulatory Clarity as a Catalyst

Japan’s regulatory framework plays a central role in Mitsui’s strategy.

The country has established clear rules for stablecoins and commodity-backed tokens, allowing firms to issue digital assets with a defined legal structure. That clarity reduces uncertainty and enables institutions to move more decisively compared to other jurisdictions.

For MDC, it provides a foundation to expand globally while maintaining compliance – a balance that remains difficult in less regulated markets.

Digital Commodity, Not Physical Claim

Zipangcoin is designed to track the value of one gram of gold, alongside similar exposure to silver and platinum. However, it remains a digital-first instrument.

In most cases, retail holders cannot redeem the token for physical metals. Instead, it functions as a liquid proxy, offering price exposure without the logistics of storage or delivery.

That approach reflects a broader trend in financial markets, where accessibility and liquidity increasingly take precedence over physical ownership.

A Broader Shift Underway

Mitsui’s move highlights a growing shift in institutional strategy.

Rather than relying on private blockchain systems, large firms are beginning to adopt public infrastructure to access liquidity and scale. The transition suggests greater confidence in blockchain networks as viable platforms for real-world financial products.

If successful, the deployment could accelerate the migration of other commodity-backed and real-world assets onto public chains.

For now, it positions Mitsui at the forefront of a market where traditional finance and decentralized systems are steadily converging.

The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.