SBI Holdings’ crypto arm, SBI VC Trade, has launched a USDC lending service in Japan that lets retail customers lend Circle’s USDC stablecoin to the platform under fixed-term agreements in return for interest. The firm said applications will be capped at 5,000 USDC per offering and that the product is structured as a loan to SBI VC Trade rather than a bank deposit, meaning users assume direct counterparty risk. SBI also noted it may re-lend the borrowed USDC as part of its operations.
The service is positioned as an alternative to traditional U.S. dollar deposits in Japan, but unlike bank deposits, user assets are not covered by segregation protections and may not be fully recoverable if the firm becomes insolvent. Funds cannot be withdrawn or transferred during the fixed lending term, limiting users’ ability to react to market changes.
A translated table provided by SBI compares tax treatment of USDC lending with foreign currency deposits. The rollout extends Japan’s broader stablecoin efforts by making a consumer-accessible USDC yield product available through a licensed domestic platform.
The announcement follows an initial November disclosure that SBI VC Trade planned a USDC lending product and was exploring exchange-traded fund offerings. SBI began a full-scale USDC launch in Japan on March 26, 2025 after receiving regulatory approval earlier that month; Circle said that approval made USDC the first approved global dollar stablecoin for use in Japan.
SBI has been expanding its stablecoin activities: on Aug. 22 it formed a joint venture with Circle to promote USDC use in Japan and develop new digital finance use cases. On Dec. 16, SBI partnered with Startale to develop a regulated yen-denominated stablecoin aimed at tokenized assets and cross-border settlement, with a planned launch in the second quarter of 2026.
