SBI VC Trade, the digital asset arm of Japan’s SBI Holdings, will launch a retail USDC lending service on Thursday. The product allows users to lend the stablecoin to the platform under fixed-term agreements in exchange for returns, with a maximum application of $5,000 per offering. This marks a further step in Japan’s stablecoin rollout, offering a consumer-accessible yield product through a licensed domestic platform.
SBI VC Trade will launch a USDC lending service in Japan on Thursday. Retail users can lend Circle‘s USDC stablecoin to the platform under fixed-term agreements for returns.
Users can lend a maximum of $5,000 per offering, structured as a loan to SBI VC Trade rather than a deposit. This means users take direct counterparty risk, as the company stated it may re-lend the borrowed USDC.
The launch brings a consumer-accessible USDC yield product to market through a licensed domestic platform. It represents another step in Japan’s ongoing stablecoin rollout.
SBI said the product is intended as an alternative to traditional US dollar deposits in Japan. However, segregation protections do not cover user assets, which may not be fully recoverable in an insolvency event.
Users cannot withdraw or transfer funds during the fixed lending term. This limits their ability to respond to changing market conditions.
The launch follows an initial announcement in November, according to Reuters. At that time, SBI VC Trade said it planned to launch a USDC lending product and was exploring exchange-traded fund (ETF) products.
SBI VC Trade began a full-scale USDC launch in Japan on March 26, 2025, after receiving regulatory approval. Circle said this approval made USDC the first approved global dollar stablecoin for use in Japan.
On August 22, SBI announced the establishment of a joint venture with Circle. The venture aims to promote USDC use in Japan and create new use cases in digital finance.
On December 16, the company partnered with Startale to develop a regulated yen-denominated stablecoin. The stablecoin is aimed at tokenized assets and global settlement, with a planned launch in the second quarter of 2026.
