Japan’s SBI to Launch Yen Stablecoin Lending Service

Japan amended its Payment Services Act in 2023 to regulate stablecoins as “electronic payment instruments.” SBI Holdings and Startale Group jointly developed JPYSC, with SBI Shinsei Trust & Banking managing reserves and issuing the token and SBI VC Trade handling distribution. Unlike stablecoins issued by fund transfer service providers, the trust-based structure is not subject to the ¥1 million limit. It targets cross-border settlement, real-world assets (RWAs) and AI agent payments.

The companies unveiled the JPYSC name and logo on February 27, 2026, and initially planned a second-quarter launch. It was formally issued on June 24 and is initially restricted to SBI VC Trade accounts, with transfers to external wallets not yet available. Technical and operational preparations are complete, but circulation on public blockchains and round-the-clock settlement for cross-border payments and tokenized assets will begin only after regulatory and tax treatment is clarified and authorities provide confirmation.

USDC is a stablecoin issued by Circle, backed by dollar-denominated assets and designed to maintain a one-to-one peg with the U.S. dollar. SBI Holdings subsidiary SBI VC Trade began offering USDC trading to retail customers in Japan on March 26, 2025. The latest move expands its use beyond payments and trading into a yield-generating asset, although the lending product is not a bank deposit and is not covered by deposit insurance.

SBI VC Trade announced on March 18, 2026, that it would launch Japan's first USDC lending service offered by a licensed provider on March 19. The initial round carries a fixed 12-week term and a 10% annualized rate, while regular offerings are expected to yield about 5% annually. Each account may apply only once per round, with a cap of 5,000 USDC and, in principle, no more than the equivalent of 1 million yen. Returns are calculated according to the amount lent, the annual rate and the number of days.