Japanese financial giant SBI Group has officially announced the launch of a lending service for its own yen-pegged stablecoin, JPYSC. Users of the SBI VC Trade platform will have access to a fixed yield of 3% per annum — significantly higher than traditional yen deposits offered by the country's banks.
The service will launch this month. The mechanism is simple and transparent: the client transfers JPYSC tokens for lending with a fixed term of three months, after which they receive back the initial amount along with accrued interest. All settlements are conducted exclusively in JPYSC. Applications are processed on a first-come, first-served basis, and the company reserves the right to select applicants based on internal criteria. Early termination of the contract is not permitted — this is a classic fixed-term product.
It is important to emphasize: SBI VC Trade explicitly states that this lending is not a bank deposit and is not covered by the Japanese deposit insurance system. Furthermore, the JPYSC lent out are not subject to the segregated custody regime under the Payment Services Act. This means that in the event of the company's bankruptcy, the client risks losing part or all of their assets. During the loan period, the user also loses the ability to sell, transfer, or pledge their stablecoins.
As a reminder, JPYSC — Japan's first stablecoin backed by a trust bank — was introduced by SBI Group in collaboration with Startale less than a month ago. Development of the asset began in December 2025. The group is betting on low fees and attracting both retail and institutional clients.
Currently, JPYSC operates exclusively within the SBI VC Trade ecosystem. Token deposits and withdrawals are not yet functional, and expansion to public blockchains has been postponed until legal and tax issues are resolved and regulatory approval is obtained. On the platform interface, 1 JPYSC is fixed at 1 yen with no spread.
The company also warns that it may suspend new lending rounds depending on market conditions. If application limits are exceeded, some clients will be placed on a waiting list.
Analyst's opinion: A 3% annual yield for a yen-pegged stablecoin indeed looks attractive against the backdrop of near-zero bank interest rates in Japan. However, investors should carefully assess the risks: the absence of deposit insurance and segregated custody makes this product more suitable for experienced market participants prepared for potential capital loss. SBI Group is clearly testing demand for decentralized financial products within a strictly regulated environment.