Japan’s SBI VC Trade launches retail USDC lending as stablecoin use grows

SBI Holdings’ digital asset arm, SBI VC Trade, is dropping a USDC lending service in Japan this Thursday. Retail users can now lend stablecoins to the platform under fixed-term agreements and get returns — basically, yield farming but through a licensed Japanese platform. Max application per offering? 5,000 USDC. But heads up: this is structured as a direct loan to SBI VC Trade, not a deposit. That means you’re taking direct counterparty risk. And yeah, SBI might re-lend your USDC as part of its ops.

This is Japan’s latest move in its stablecoin rollout, bringing a consumer-accessible USDC yield product to market through a licensed domestic platform. SBI pitches it as an alternative to traditional US dollar deposits in Japan. But unlike bank deposits, there’s no segregation protection for user assets — meaning you might not get everything back if things go south. Also, you can’t withdraw or transfer funds during the fixed lending term, so you’re locked in regardless of market moves.

Translated table comparing tax treatment of USDC lending and foreign currency deposits in Japan. Source: SBI VC Trade

This launch follows SBI VC Trade’s initial announcement back in November, when they said they planned to launch a USDC lending product and were exploring ETF products, according to Reuters. It’s part of SBI’s broader stablecoin strategy. They kicked off a full-scale USDC launch in Japan on March 26, 2025, after getting regulatory approval earlier that month. Circle said this made USDC the first approved global dollar stablecoin for use in Japan.

On Aug. 22, SBI announced a joint venture with Circle, aiming to promote USDC use in Japan and create new use cases in digital finance. Then on Dec. 16, they partnered with Startale to develop a regulated yen-denominated stablecoin aimed at tokenized assets and global settlement, with a planned launch in Q2 2026.

Related: SBI Holdings targets majority stake in Singapore crypto exchange Coinhako

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