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SBI launches 3% yen stablecoin lending
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SBI launches 3% yen stablecoin lending

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  • SBI VC Trade will launch a lending service offering a 3% annual rate on JPYSC.
  • Customers can lend the yen stablecoin for 12 weeks but the product is not insured.
  • SBI is expanding its stablecoin business through a new Solana partnership.

SBI VC Trade will start accepting applications on July 16 for a lending service offering a 3% annual rate on its yen stablecoin, JPYSC.

Customers can lend JPYSC for 12 weeks and earn about 0.69% before tax over the full term.

SBI said the return is higher than many standard yen bank deposits.

The company said the product is not a bank deposit, is not covered by deposit insurance, and customers could lose their tokens if SBI VC Trade becomes insolvent.

SBI also announced a partnership with the Solana (CRYPTO:SOL) Foundation to expand the use of JPYSC and other blockchain financial services.

The partnership aims to support stablecoins, tokenised assets, and cross-border payments across Japan and Asia.

The launch follows Japan's continued support for crypto and Web3 businesses through new digital asset regulations.

At the time of reporting, Solana price was $75.33.

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