SBI’s JPYSC lending this round—3% annualized looks stable, but with a 12-week lock-up and no deposit insurance, only institutional players would dare to get in.

SBI VC Trade will open JPYSC stablecoin lending applications on July 16, with a fixed term of 12 weeks and an annualized rate of 3%. JPYSC is a trust-based yen-pegged stablecoin; the lending is not protected by deposit insurance, cannot be redeemed within 12 weeks, and carries bankruptcy risk. This move is based on JPYSC launched on June 24, in cooperation with the Solana Foundation, aiming to expand issuance and cross-border payment use cases, reflecting Japanese financial institutions’ push toward expanding lending and yield products.