SBI will launch a Yen stablecoin lending service with an annualized return of 3% in Japan

SBI VC Trade launches a yen stablecoin lending product with an annualized yield of 3%

Tokyo-based SBI VC Trade has now opened applications for a new lending product that allows users to earn income through the yen-linked stablecoin JPYSC. According to a press release issued by SBI VC Trade, the service will begin accepting JPYSC deposits on Thursday and set a fixed 12-week borrowing cycle with a advertised annualized rate of return of 3%, and a total pre-tax return of approximately 0.69%.

Although this yield is positioned to be higher than the regular bank rate for yen deposits quoted by SBI, its structure is not equivalent to traditional deposit products. The company also warned that loaned tokens are not protected by deposit insurance and that if the lender goes bankrupt, users may face partial or full losses.

Key Points

SBI VC Trade launches a 12-week JPYSC lending plan with an annualized rate of return of 3%.
Based on this annualized rate of return, total return during the period is estimated to be approximately 0.69%(before tax).
Non-bank deposits: This product is not covered by deposit insurance and cannot be redeemed in advance.
Unable to determine asset isolation: Tokens lent by users may be at risk in the event of bankruptcy.
Broader layout: This product follows SBI's recent launch of trust structured yen stablecoins and its strategy to expand on-chain financial infrastructure with partners.

Operating Mechanism of JPYSC Loan Services

SBI VC Trade's new products are designed based on a simple mechanism. The company said in an announcement released on Monday that users will lend their JPYSC tokens to SBI VC Trade and will take back the tokens and collect borrowing fees when they expire. Based on the advertised rate, the total pre-tax return over the 12-week borrowing period was approximately 0.69%. SBI also pointed out that the product offers yields higher than the annual interest rate range it quoted for ordinary yen deposits (0.325% to 1%).

Even so, SBI made it clear that this arrangement is not equivalent to depositing yen in a bank account. Tokens are lent rather than deposited, services are not covered by deposit insurance, and early redemption is usually not supported. The announcement further stated that JPYSC loaned to SBI VC Trade will not be subject to legal asset isolation requirements. For users, this distinction is crucial: if the company goes bankrupt, customers may lose some or all of their tokens. In other words, although the product is advertised as a revenue-based application of a yen-pegged instrument, it introduces stablecoin credit risk.

Why SBI promotes profitable stablecoins

When the application was open, SBI just launched its trust structure of yen stablecoins on June 24. As Japan's regulated stablecoins gradually expand from payments to interest-bearing applications, SBI VC Trade has essentially added a layer of revenue functionality, making holding JPYSC more attractive than idle funds. Previously, SBI VC Trade launched Circle's USDC lending service in Japan in March, allowing retail customers to lend dollar stablecoins to obtain passive income. In the new plan, SBI extends the same concept to yen stablecoins.

From the perspective of investors and users, this is part of a broader shift in the use of stablecoins: issuers and platforms no longer view stablecoins as just a payment tool, but instead promote them as on-chain capital that can generate revenue. However, such products also tend to shift risk from price fluctuations to counterparty and legal structure risks-especially if asset isolation and bankruptcy protection measures are inconsistent with deposit-based expectations.

Solana collaborates to expand SBI's on-chain ambitions

SBI's stablecoin lending layout is advancing in parallel with plans to expand its on-chain active infrastructure. In addition to JPYSC lending products, SBI Holdings announced a strategic partnership with the Solana Foundation to develop Japan's on-chain financial market. As part of the partnership, the Solana Foundation will join SBI R3 Japan (the entity will be renamed SBI Solana Global) and be responsible for developing a new growth strategy with the yen stablecoin at its core. The plan also sets the goal of expanding stablecoins and tokenize real-world assets in Asia, and building infrastructure for institutional chain financial services, cross-border payments, and artificial intelligence proxy payment tools.

Although the lending plan is implemented through SBI VC Trade's product framework, this cooperation shows that SBI hopes that JPYSC will not be limited to local functions. Its stated goal ultimately is to expand the use of yen stablecoins across the wider chain and settlement ecosystem.

Japan policy supports Web3 startups

The product's launch timing also coincides with positive signals from Japan's broader encryption and Web3 start-up environment. According to reports, Japan's Prime Minister said in a video speech at WebX 2026 that the government plans to strengthen support for encryption and Web3 start-ups. Measures include increasing capital investment through government-backed funds and relaxing regulatory requirements. According to Cabinet Office documents, the government's direction has been strengthened through the "Start-up Comprehensive Power Plan" launched in May 2025 and the "Five-Year Start-up Development Plan" formulated in 2022, with the goal of increasing start-up investment by fiscal year 2027. The amount increased to 10 trillion yen.

In addition, Japan revised the Financial Commodity Exchange Law in April 2026 to classify crypto assets as financial instruments. This change moves digital assets out of the experimental payment category and into a mature regulatory framework similar to stock market instruments. These developments are critical to the market because they reduce friction in compliant product design and help explain why stablecoin application scenarios such as lending are emerging in a more structured form rather than just in the experimental stage.

As SBI VC Trade begins accepting applications for this 12-week JPYSC lending plan, readers should focus on not only participation and return rates, but also how Japan's evolving regulatory approach supports stablecoin revenue products-especially in terms of exposure to bankruptcy risks, token processing, and whether future products can provide greater protection to users.