Japanese behemoth SBI Shinsei Bank is stepping its crypto services, allowing its users to convert upto 20 percent of their earned interest into Bitcoin, Ethereum and XRP.
Reports on Tuesday highlight that the bank is commencing the trial on June 10 with deposits staying in Yen. It is worth noting that the bank stated that only the interest component will be exposed to cryptocurrencies, and the customers must connect the SBI VC Trade account in order to cash the vouchers.
The new cryptocurrency reward scheme introduced by SBI Shinsei Bank allows depositors to earn interest payments in the form of Bitcoin, Ethereum, or XRP, depending on the value of the coins on the payment date.
The rewards themselves are fairly small. The bank’s flagship Hyper Deposit account offers an annual interest rate of about 0.42 percent, and only a portion of that interest is used to buy cryptocurrency.
In other words, the initiative is designed to introduce customers to digital assets rather than deliver sizable crypto returns. The program also builds on SBI Group’s wider crypto ambitions.
Its subsidiary, SBI VC Trade, already operates a licensed crypto exchange, while parent company SBI Holdings has long been a supporter of Ripple, making XRP a natural addition to the offering. The move fits into SBI’s broader strategy, which includes crypto rewards, XRP-related initiatives, and the development of a tokenized yen deposit network with JPMorgan.
Japan and U.S. take opposite paths on crypto banking
Japan and the United States are taking very different approaches to the relationship between banking and crypto, and SBI Shinsei Bank’s new rewards program highlights that divide.
In Japan, cryptocurrencies are regulated under the Payment Services Act, with exchanges licensed directly by the country’s financial regulator. That clear framework allows banks to work closely with affiliated crypto businesses.
In SBI Shinsei’s case, the bank can offer customers Bitcoin, Ethereum, and XRP rewards by connecting its deposit products with SBI VC Trade, the group’s licensed crypto exchange. If the pilot proves popular, the bank plans to roll out the program permanently later this year.
The U.S. has gone in the opposite direction. Lawmakers have generally sought to keep traditional banking and crypto rewards separate. The GENIUS Act, signed into law in 2025, prevents stablecoin issuers from paying interest to holders, a move strongly supported by the banking industry.
Banks warn crypto yields could pull money from savings accounts
Banks have argued that if crypto products started offering attractive yields, customers could shift significant amounts of money out of traditional savings accounts.
A Treasury advisory group estimated that as much as $6.6 trillion in bank deposits could potentially face competition from yield-bearing crypto products. Although some crypto platforms have found alternative ways to reward users, banks have continued pushing for tighter restrictions.
The proposed Clarity Act could reinforce that approach. Current drafts would prevent stablecoin providers and related companies from offering bank-like interest payments while still allowing rewards tied to genuine activity on blockchain networks. However, the bill continues to be disputed.
Some do not think the threat is that severe. According to a report from the White House in 2026, limiting the profits of stablecoins would pose only a marginal effect on the banking sector, at roughly $2 billion in lending, as opposed to trillions predicted by some trade groups.
In essence, it boils down to philosophy. Japan is attempting to explore methods of regulating how crypto and mainstream banking coexist, whereas the U.S. has been focused primarily on constructing barriers to ensure the separation of the two sectors.
An interesting case study in this regard could be SBI Shinsei’s pilot project on awarding small amounts of crypto to their clients.
