SBI VC Trade Launches USDC Lending Service in Japan, Offering Retail Investors Yield on Stablecoins

SBI Holdings’ digital asset arm, SBI VC Trade, has officially launched a U.S. dollar-pegged stablecoin (USDC) lending service in Japan, enabling retail users to earn returns by lending their stablecoins to the platform under fixed-term agreements. The new service, which commenced operations on Thursday, represents a significant step in Japan’s burgeoning stablecoin market and offers a new avenue for consumers to engage with digital assets and generate yield.

The offering allows users to lend Circle’s USDC stablecoin directly to SBI VC Trade. In return for their lending commitment, users will receive interest payments. Each lending offering has a maximum application limit of 5,000 USDC per user. It is crucial to note that the structure of this product is defined as a loan to SBI VC Trade, not a traditional deposit. This distinction means that users are taking on direct counterparty risk associated with SBI VC Trade. The company has also stated that it reserves the right to re-lend the borrowed USDC as part of its operational activities, a common practice in financial institutions that can amplify returns but also introduce additional layers of risk.

This launch positions SBI VC Trade as a key player in bringing consumer-accessible yield products backed by stablecoins to the Japanese market, operating through a licensed domestic platform. The service is presented as a potential alternative to traditional U.S. dollar deposits available in Japan. However, the company explicitly highlights significant differences from conventional bank deposits. Unlike insured bank deposits, user assets lent through this service are not covered by segregation protections and may not be fully recoverable in the event of SBI VC Trade’s insolvency. Furthermore, a critical aspect of the fixed lending term is that users are unable to withdraw or transfer their funds during this period. This restriction limits their flexibility to react to rapidly changing market conditions or to access their capital if needed.

The introduction of the USDC lending service signifies an expansion of SBI’s strategic engagement with stablecoins in Japan. This initiative follows an initial announcement in November, where SBI VC Trade outlined its intentions to introduce a USDC lending product and explore exchange-traded fund (ETF) opportunities, as reported by Reuters.

The development aligns with SBI’s broader strategy to deepen its involvement in the stablecoin ecosystem. SBI VC Trade had already commenced a comprehensive USDC rollout in Japan on March 26, 2025, following the receipt of regulatory approval earlier that month. This approval marked a milestone, with USDC becoming the first globally recognized dollar stablecoin to receive official sanction for use within Japan.

This move is part of a larger pattern of SBI’s increasing commitment to the digital asset space. In August 2025, SBI announced the formation of a joint venture with Circle. The primary objective of this partnership is to foster the adoption and utilization of USDC within Japan, while simultaneously exploring and developing novel use cases for the stablecoin in the realm of digital finance. This collaboration underscores a shared vision to integrate stablecoins more deeply into the Japanese financial landscape.

Further demonstrating its forward-looking approach, SBI partnered with Startale on December 16, 2025, with the aim of developing a regulated yen-denominated stablecoin. This initiative is specifically targeted towards supporting tokenized assets and facilitating global settlement processes. The planned launch for this yen-stablecoin is scheduled for the second quarter of 2026, indicating a commitment to creating stablecoin solutions tailored to the Japanese regulatory framework and market needs.

The introduction of the USDC lending service by SBI VC Trade is more than just a new financial product; it represents a strategic move to capitalize on evolving digital asset trends and regulatory advancements in Japan. By offering a regulated platform for retail investors to earn yield on stablecoins, SBI VC Trade is positioning itself at the forefront of digital finance innovation in the region, while also educating users about the inherent risks and rewards associated with such novel financial instruments. The service aims to bridge the gap between traditional finance and the decentralized world of cryptocurrencies, offering a regulated on-ramp for yield-seeking investors in Japan. The company’s emphasis on user education regarding the nature of the loan structure and the associated risks is paramount, given the differences from traditional deposit accounts. The maximum lending limit per offering aims to manage individual user exposure and facilitate broader participation across its customer base. The success of this service will likely depend on continued regulatory clarity, user trust, and SBI VC Trade’s ability to manage its re-lending operations effectively and transparently.