JPY / lending deposit

Secured Finance JPYC fixed-rate lending market (on-chain yen yield curve)

JPYC · issued by Secured Finance AG (protocol); underlying asset JPYC issued by JPYC Inc.. verified

not published

published yield

n/d

size

permissionless

can you hold it

The terms

Issuer: Secured Finance AG (protocol); underlying asset JPYC issued by JPYC Inc.
Jurisdiction: Secured Finance AG is Switzerland-based; JPYC Inc. is Japan-based and regulated as a funds-transfer/prepaid issuer
Chains: Ethereum
Contracts: No contract address could be established from public sources. That is a disclosure gap on the issuer, and it is recorded as one.
Yield basis: Fixed-rate, order-book determined per maturity, there is no single APY. Rates are set by matched lend/borrow orders in dated order books, which is what makes it a yield curve rather than a single rate. I could not read live rates: secured.finance returned a provenance/permission error and was not fetchable. source
Size: Not disclosed on any source we could read. source
Minimum: None stated (permissionless protocol)
Who may hold it: Permissionless. Marketed as bringing the yen yield curve on-chain 'for global investors'. source
Redemption: Lending positions run to the stated maturity of the order book (e.g. JPYC-DEC2025, JPYC-MAR2026); secondary exit via the order book before maturity. source
Cost to enter: Gas plus protocol fees, not read
Transferability: Freely transferable. No allowlist at the token level.
Secondary liquidity: Secured Finance's whole-protocol TVL is $603,820, of which Filecoin is $480,458 and Ethereum $114,563. The JPYC market is a subset of the Ethereum figure and is therefore at most ~$115k. DefiLlama does not break out the JPYC market separately.

What we think you should know

The only genuine on-chain JPY fixed-income market I could verify. Product suite announced 2025-10-28: JPYC fixed-rate lending, JPYC borrowing against WBTC/ETH collateral, a Yearn Vault v3 integration for JPYC deposits, and an x402 payment facilitator using EIP-3009. The lending market itself went live 2025-11-10 00:00 UTC on Ethereum mainnet with order books JPYC-DEC2025 and JPYC-MAR2026, after a pre-open period ending 2025-11-09 23:00 UTC, this is from Secured Finance's own X account, which is why I rate it verified despite being unable to load their site. Protocol also deployed on Arbitrum and Filecoin. Note JPYC itself pays no yield to holders; the yield here comes from lending it.

Sources

Other JPY instruments

Instrument	Ccy	Type	Yield	Size	Access	Confidence
JPYSC Lending (SBI VC Trade) JPYSC	JPY	lending deposit	3.00%	n/d	cannot be held	verified