Japan’s SBI VC Trade has unveiled a new lending service for its yen-pegged stablecoin, JPYSC, allowing customers to earn an annualized yield of 3% by lending tokens for a fixed 12-week period. Starting Thursday, users can lend their JPYSC tokens to the SBI subsidiary and receive the principal plus interest at maturity, presenting a passive income opportunity that outperforms traditional yen deposit rates.
Despite its attractive returns—approximately 0.69% gross over the 12 weeks before tax—the service carries key caveats. It is not a bank deposit, so it falls outside deposit insurance protections and generally cannot be redeemed early. In addition, lent stablecoins are not subject to legal asset segregation, meaning customers face the risk of losing their tokens entirely if SBI VC Trade becomes insolvent.
This lending launch follows the introduction of JPYSC as a regulated yen stablecoin on June 24, which created a foundation for yen-backed tokens to evolve beyond simple payment utilities into yield-generating financial instruments in Japan’s crypto ecosystem. SBI had already pioneered stablecoin lending in the country by rolling out lending options for Circle’s USDC stablecoin earlier this year.
Through this yen-denominated product, SBI aims to attract a growing base of yen stablecoin holders by offering returns that surpass average bank deposit yields, positioning the service as a core element of what the company envisions as the future of on-chain finance in Japan.
The initiative dovetails with SBI Holdings’ strategic partnership with the Swiss-based Solana Foundation announced recently. This collaboration seeks to develop Japan’s on-chain financial market by expanding the utility of JPYSC across tokenized assets, cross-border settlements, and institutional blockchain finance infrastructure. The joint effort will rebrand SBI R3 Japan as SBI Solana Global to reflect a focus on yen stablecoin growth and on-chain financial products.
Japan’s government has shown growing openness to cryptocurrency and Web3 innovation, with recent statements by Prime Minister Sanae Takaichi highlighting strengthened support for related startups. This regulatory environment may bolster SBI’s ambitions to position Japan as a key hub for tokenized finance in Asia, expanding use cases for stablecoins and blockchain-based payment solutions beyond domestic borders.