Secured Finance Announces New JPYC-Based Product Suite
Secured Finance AG, a Japanese-founded, Swiss-incorporated developer of fixed-rate DeFi lending protocols, has announced a new suite of products built around the Japanese yen stablecoin JPYC.
The initiative aims to bring the Yen yield curve on-chain, enabling global investors to access the Japanese interest-rate market through transparent, decentralized infrastructure.
Key Initiatives
1. JPYC Fixed-Rate Lending
Secured Finance introduces a JPYC-denominated fixed-rate lending market, enabling depositors to earn stable yields and borrowers to secure predictable funding rates, forming the foundation of an on-chain Yen yield curve.
Schedule: The initial auction process will begin on November 3, 2025, with trading to start the following week once opening prices are set.
Initial maturities: December 26, 2025, and March 27, 2026 — with additional quarterly markets to be added progressively based on demand and maturity cycles.
2. JPYC Borrowing with WBTC/ETH — and Future RWA Collateral
In the initial phase, users can borrow JPYC by pledging WBTC or ETH as collateral — linking crypto-asset markets with the Yen-based interest-rate economy for the first time.
Future phases will extend collateral options to include RWA-backed and yield-bearing tokens, bridging decentralized credit markets with real-world financial instruments such as tokenized T-bills and fund tokens.
3. JPYC Yearn Vault v3 Integration
In collaboration with Yearn Finance, Secured Finance is developing a JPYC Vault (v3) that automatically optimizes yield strategies across multiple markets.
Initial strategies may include automated market-making on fixed-rate orderbooks and delta-neutral mechanisms inspired by decentralized approaches such as Ethena.
The system is fully non-custodial and on-chain, ensuring transparent and algorithmic execution of all yield operations.
4. On-Chain Yen Benchmark Rate
As the JPYC lending market matures, Secured Finance plans to develop and publish an on-chain Yen benchmark rate, similar in spirit to LIBOR, derived from transparent, market-based lending activity.
While liquidity may be limited initially, such a public reference rate will play an important role in enhancing the stability and transparency of yen-denominated on-chain finance and in establishing standardized rate references for JPYC and other yen stablecoins.
5. JPYC x402 Facilitator
Secured Finance plans to implement Coinbase’s x402 protocol (EIP-3009 compliant) to enable code-based JPYC automated payments.
The x402 initiative redefines the original HTTP “402 Payment Required” response, providing a new mechanism that allows websites and online services to accept stablecoin payments directly through code, without complex payment systems or high fees.
This will enable any online service or AI agent to transact securely and instantly using JPYC.
According to a16z’s State of Crypto 2025 report, the autonomous-agent payments market could reach $30 trillion by 2030, underscoring the transformative potential of this technology across Web2/Web3 e-commerce and the emerging machine economy.
Norbert Gehrke
