SBI VC Trade Rolls Out Retail USDC Lending in Japan

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SBI VC Trade will launch a retail USDC lending service in Japan on Thursday.
The platform will allow users to lend up to 5,000 USDC per fixed-term offering.
Users will receive interest payments under agreements structured as loans to the company.
The product does not provide deposit protections or asset segregation coverage.
Users cannot withdraw or transfer funds during the fixed lending term.

SBI VC Trade will launch a retail USDC lending service in Japan on Thursday. The platform will allow users to lend Circle’s USDC under fixed terms for returns. The move advances stablecoin offerings through a licensed domestic exchange as adoption expands.

SBI Holdings Expands USDC Lending Through Retail Platform

SBI VC Trade said it will let retail users lend USDC to the platform under fixed-term agreements. The company set a maximum application of 5,000 USDC per offering, and it will pay interest on the loans. However, the structure treats user funds as loans to the company, not deposits.

The company stated that users will take direct counterparty risk during the lending term. It also said it may re-lend the borrowed USDC as part of its operations. Users cannot withdraw or transfer funds during the fixed term, and the platform will define the duration in advance.

SBI VC Trade positioned the product as an alternative to traditional U.S. dollar deposits in Japan. However, the company clarified that segregation protections do not cover these assets. It added that users may not fully recover funds in the event of insolvency.

SBI announced the service after an earlier plan was disclosed in November. At that time, the company said it intended to launch a USDC lending product. Reuters reported that SBI also explored exchange-traded fund products alongside the lending plan.

USDC Gains Ground in Japan After Regulatory Approval

SBI VC Trade began a full-scale USDC rollout in Japan on March 26, 2025. The launch followed regulatory approval granted earlier that month. Circle stated that the approval made USDC the first approved global dollar stablecoin in Japan.

The platform confirmed that retail users can access USDC services under Japan’s regulatory framework. It said the new lending product will operate within its licensed exchange structure. The company will manage all applications and interest payments directly.

Circle’s USDC trades at $1 and operates as a dollar-pegged stablecoin. SBI will offer interest payments based on fixed-term agreements, and it will cap each application at 5,000 USDC. The company has not disclosed the exact percentage returns in its announcement.

On Aug. 22, SBI announced a joint venture with Circle to promote USDC adoption in Japan. The companies said they aim to create new digital finance use cases through the partnership. They plan to support broader stablecoin circulation across regulated platforms.

On Dec. 16, SBI partnered with Startale to develop a regulated yen-denominated stablecoin. The companies said they aim to support tokenized assets and global settlement services. They scheduled the yen stablecoin launch for the second quarter of 2026.

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