Japanese financial giant SBI Group is preparing to launch a lending service for its stablecoin JPYSC. As early as this month, clients of the SBI VC Trade platform will have the opportunity to place tokens with a fixed yield of 3% per annum.
The product terms are extremely transparent: the lending period is three months, and repayment is made in JPYSC — the user receives back the loan amount along with accrued interest. Applications are processed on a first-come, first-served basis, and early termination is not permitted. The company particularly emphasizes that this instrument is not a bank deposit and is not covered by the deposit insurance system. At the same time, 3% per annum is significantly higher than what traditional yen time deposits in Japanese banks offer.
Let me remind you that JPYSC is Japan's first yen-pegged stablecoin backed by a trust bank. SBI Group and Startale introduced it less than a month ago, with development starting back in December 2025. The asset is positioned as a tool for retail and institutional clients with low fees.
However, it is important to understand the limitations: currently, JPYSC is available exclusively within the SBI VC Trade account. Token deposits and withdrawals are not operational, and access to public blockchains has been postponed until legal and tax issues are resolved. In the platform interface, 1 JPYSC is equivalent to 1 yen — there is no spread.
SBI VC Trade warns of risks: funds transferred for lending are not subject to the segregation regime under the Payment Services Act. In the event of the company's bankruptcy, the client may lose part or all of the amount. Additionally, during the loan period, the user will not be able to sell, transfer, or pledge their JPYSC. The company also reserves the right to temporarily suspend new rounds depending on market conditions, and if the limit is exceeded, to form a waiting list.
Expert commentary: The launch of JPYSC lending is a logical step for SBI Group, which aims to compete with traditional banks. However, 3% per annum given the current inflation in Japan (around 2-3%) looks more like a marketing gimmick than real investment appeal. For institutional players, this could be interesting as a liquidity management tool, but retail clients should carefully assess the risks associated with the lack of insurance and potential fund freezes.