SBI VC Trade indicated that consumers might lend assets directly to its platform, but it also said that the company might re-lend money as part of its business.
SBI VC Trade, the digital asset division of SBI Holdings, said it will start a USDC lending business in Japan on Thursday. This will let regular people lend stablecoins to the platform for a defined period of time in exchange for interest.
The business said on Wednesday that customers would be able to lend Circle’s USDC $1 stablecoin to the platform and get interest payments. The maximum amount that can be lent per offering is 5,000 USDC. The product is set up as a loan to SBI VC Trade instead of a deposit, which means that users are directly at risk with the other party. SBI noted that as part of its business, it might also lend the USDC it borrowed again.
The introduction is another stage in Japan’s spread of stablecoins. It brings a USDC yield product that consumers may use to market through a regulated domestic platform.
SBI stated that the product aims to serve as a substitute for traditional US dollar deposits in Japan. However, unlike bank deposits, user assets lack segregation protections and may be unrecoverable if the company goes bankrupt. People can’t take out or move money during the fixed lending term, which makes it harder for them to adapt to changes in the market.
Source: SBI VC Trade
SBI expands stablecoin strategy in Japan
According to Reuters, the debut comes after SBI VC Trade first announced in November that it will be launching a USDC financing product and looking into exchange-traded fund (ETF) products.
This news comes as SBI has been working on its stablecoin strategy. On March 26, 2025, SBI VC Trade started a full-scale USDC launch in Japan after getting permission from the government earlier that month. Circle stated that the clearance enables USDC to become the first global dollar stablecoin available for use in Japan.
SBI said on August 22 that it was starting a joint venture with Circle to promote USDC usage in Japan and find innovative ways to use the stablecoin in digital finance.
On December 16, the company teamed up with Startale to make a regulated, yen-denominated stablecoin for tokenised assets and worldwide settlements. The stablecoin is slated to launch in the second quarter of 2026.