SBI Group to Launch JPYSC Stablecoin Lending With 3% Yield

Japan’s SBI Group is preparing to launch a lending service for its JPYSC stablecoin, offering users a 3% annual yield. Applications will open on July 16 through SBI VC Trade, the group’s crypto trading arm, with a 12-week fixed-term structure for the initial offering.

Part of a Broader Stablecoin Push

The lending service comes just weeks after SBI introduced JPYSC, Japan’s first yen-backed stablecoin issued by a trust bank. At launch, SBI said it expected the token to appeal to both retail and corporate users through lower transaction costs and support for large block trades.

SBI’s Expanding Crypto Footprint

JPYSC is one piece of a wider strategy by SBI to build out its presence in onchain finance. The group recently became the sole investor in Gauntlet’s $125 million funding round and in institutional platform EDX Markets’ $76 million round. In June, SBI also agreed to acquire Japanese exchange Bitbank in a deal worth close to $289 million. A company spokesperson said the goal is to offer a full range of onchain services, from exchanges to asset tokenization.

Japan’s Wider Stablecoin Momentum

The move comes as stablecoins gain traction across Japan’s financial sector. Convenience store chain Lawson is separately testing payments using the JPYC stablecoin, while the country’s three largest banks, MUFG, SMBC, and Mizuho, plan to begin commercial transactions of a jointly issued stablecoin later this fiscal year.