Japan’s SBI Group is preparing to launch a lending service that will allow users to earn returns on their JPYSC holdings, making it the country’s first yield product built around a yen-denominated stablecoin.
The service is expected to begin later this month through SBIVC Trade, SBI’s cryptocurrency exchange. Users will lend their JPYSC to the platform under an initial three-month term and receive a 3% annual rental fee. The exchange will borrow the stablecoins from customers and return both the assets and the agreed yield at the end of the lending period.
SBI、ステーブルコインの運用益を還元 賃借料は年率3%に設定
JPYSCのレンディングサービスをSBI VCトレードで始めます。日本円のステーブル年率3%です。https://t.co/tzwOdbiZBb
— 渡辺創太 @スターテイル (@SotaOnchain) July 13, 2026
A new test for Japan’s stablecoin market
Japan has spent the past year proving that regulated stablecoins can be issued and used for payments. SBI’s latest move asks the question of can there be enough demand to keep those stablecoins in circulation after they’re issued?
A lending program gives holders a reason to retain JPYSC instead of cashing out after making a payment or completing a transfer. That matters because long-term activity is often a better measure of a digital asset’s usefulness than the number of tokens issued.
If more institutions introduce services that reward users for holding regulated stablecoins, competition may gradually move from issuance alone to the financial products built around them. That could become the next stage of Japan’s stablecoin market as institutions look for ways to keep users engaged beyond simple payments.
Can stablecoins compete with traditional savings?
Yield has long been one of the biggest reasons investors move money into crypto lending products. SBI is applying that idea to a yen-backed stablecoin instead of a volatile cryptocurrency, creating a product that resembles a short-term deposit more than a speculative investment.
That distinction could matter in Japan, where low interest rates have shaped savings habits for years. A regulated stablecoin offering a fixed annual return introduces another option for people who want to keep their assets linked to the yen while earning income.
Whether the model grows beyond early adopters will likely depend on trust, regulation, and how its returns compare with conventional financial products. If more institutions follow SBI’s lead, stablecoins could gradually become part of everyday savings strategies rather than serving only as payment or trading tools.
Stablecoin usage has surged across blockchain networks, with data from DeFiLlama showing more than $1 trillion in transaction volume processed in a single month. The figures highlight stablecoins’ central role in digital asset markets as activity spreads across multiple chains.
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