SBI Launches JPYSC Lending Service With 3% Introductory Annual Yield

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SBI VC Trade is expanding the utility of Japan’s regulated stablecoin market with the launch of JPYSC Lending, a service that enables customers to earn returns by lending their yen-backed stablecoins. The company said applications will open on July 16, while the first lending period will start on July 23.

The launch follows the introduction of JPYSC, a trust-backed yen stablecoin designed to maintain a one-to-one value with the Japanese yen. Unlike cryptocurrencies that experience significant price swings, JPYSC is intended to provide price stability while supporting blockchain-based transactions and settlements.

JPYSC Lending offers fixed-term yield

Under the new program, users lend JPYSC to SBI VC Trade for a fixed period and receive the same amount of stablecoins back at maturity, along with a lending fee. The initial campaign offers a 3% annualized yield for a 12-week term. SBI said future offerings are expected to provide annual yields ranging between 1% and 3%, depending on market conditions.

Program highlights include:

• Applications open on July 16, 2026
• Lending begins on July 23, 2026
• Introductory annual yield of 3%
• Fixed lending period of 12 weeks
• Rewards are paid in JPYSC
• Early termination is generally not available

SBI previously introduced a lending service for USDC earlier this year, making JPYSC the company’s second stablecoin available through a yield-generating program.

Product differs from traditional bank deposits

While the advertised yield is higher than many Japanese time deposits, SBI emphasized that the service should not be viewed as a savings account. Unlike bank deposits, JPYSC Lending is structured as a lending agreement between the customer and SBI VC Trade. As a result, participants assume credit risk during the lending period.

Users should be aware of several key risks:

• JPYSC Lending is not covered by Japan’s deposit insurance system
• Lent stablecoins are not protected through statutory asset segregation
• Customers generally cannot withdraw or transfer their JPYSC before maturity
• If SBI VC Trade becomes insolvent, users could lose part or all of their lent assets

The company also noted that earnings from the service are treated as miscellaneous income under Japan’s tax rules rather than bank interest, meaning the applicable tax depends on each user’s circumstances.

Stablecoins continue expanding beyond payments

The introduction of JPYSC Lending reflects a broader trend in Japan’s digital asset sector, where regulated stablecoins are evolving from payment tools into financial products capable of generating returns.

Recent developments across the industry include:

• Convenience store chain Lawson has started testing stablecoin payments using JPYC.
• Japan’s major banking groups are preparing commercial stablecoin projects for fiscal 2026.
• SBI recently announced a partnership with the Solana Foundation to support tokenized assets and onchain financial infrastructure.

These initiatives indicate that Japan’s regulated stablecoin ecosystem is gradually expanding into areas such as lending, settlements, tokenized assets, and institutional blockchain finance. The broader market is also evolving through industry consolidation, with SBI acquires Bitbank highlighting the company’s strategy to strengthen its position across Japan’s digital asset sector. Although JPYSC Lending introduces a new yield opportunity for holders of yen-backed stablecoins, the product also highlights an important distinction between stablecoins and traditional banking products. While the underlying asset aims to maintain price stability, investors still bear counterparty risk and should carefully evaluate the terms before participating.