Japanese financial conglomerate SBI Group reportedly plans to launch a lending service that offers a 3% annual yield on users' JPYSC stablecoins.
Nikkei reported Monday that the company may roll out the service as early as this month, offering a three-month fixed-term product through SBI VC Trade, the group's crypto trading platform.
The initiative comes less than a month after SBI launched JPYSC, the country's first trust bank-backed yen stablecoin. SBI said at the time that it expects JPYSC to attract retail and corporate users through lower transaction costs and support for block trades.
The Block has reached out to SBI for further comment on its JPYSC plan.
JPYSC is a key component of SBI Group's broader strategy to expand into onchain finance, backed by a series of recent crypto-related investments.
