SBI VC Trade Launches Japan’s First Trust-Based Yen Stablecoin Lending Service with 3% Promotional Yield
SBI VC Trade, a consolidated cryptocurrency exchange subsidiary of SBI Holdings, announced the launch of "JPYSC Lending," marking Japan's first trust-based, Japanese Yen-denominated stablecoin lending service. Applications for the new asset-generation product will open on July 16, 2026, with the official lending period scheduled to begin on July 23, 2026.
To commemorate the launch, SBI VC Trade is offering an initial promotional annualized yield of 3% for a 12-week maturity term, a rate that positions the digital asset service competitively against standard Japanese yen fixed-term bank deposits, which currently average between 0.325% and 1%. Following the introductory period, standard yields are projected to fluctuate between 1% and 3% based on market conditions.
The underlying asset, "JPYSC," is a trust-based, yen-denominated stablecoin. Unlike crypto assets or USD-denominated stablecoins, JPYSC mitigates foreign exchange volatility risks for domestic investors due to its direct peg to the Japanese currency. SBI VC Trade holds a license as an Electronic Payment Instruments Exchange Service Provider, making it the sole operator in Japan authorized to facilitate stablecoin circulation and trading for general retail clients.
Key Structural & Tax Implementations
- Taxation Advantages for Small Accounts: Profits generated via the lending service are classified as miscellaneous income subject to comprehensive taxation. However, individual investors generating less than 200,000 yen annually in total miscellaneous income may exempt themselves from filing a tax return, creating a lower barrier to entry for smaller retail allocations. For high earners exceeding this threshold, the maximum combined income and residential tax rate caps out at 55.945%.
- Operational Mechanics: Operating under a loan agreement (consumption loan contract), clients accrue usage fees calculated daily against the lent volume and annualized rate. The principal and accrued interest are returned in JPYSC at the end of the 12-week maturity.
Risk Disclosures
The company underscored critical risk factors inherent to the product:
- Bankruptcy Risk: JPYSC assets transferred to the platform under this lending agreement are explicitly exempt from the segregated management protections outlined in the Payment Services Act. In the event of company insolvency, participants face the risk of partial or total loss of their lent assets.
- Liquidity and Early Termination Constraints: Early cancellation or mid-term redemption is strictly prohibited. Deposited JPYSC cannot be sold, transferred, or pledged as collateral until the maturity date is reached.
- Regulatory Distinction: The platform explicitly notes that JPYSC is not Japanese Yen fiat, is not guaranteed by any sovereign state, and does not fall under the jurisdiction of the Deposit Insurance Corporation of Japan.
Norbert Gehrke
