SBI VC Trade Launches USDC Lending Service for Japan Users

SBI VC Trade announced on March 18, 2026 that it will open a USDC lending service for retail users in Japan starting March 19, 2026. The product allows users to lend USDC to the exchange in return for a usage fee, with the first offering set at a 10% annualized rate for a 12-week term and a per-offering cap of 5,000 USDC.

SBI VC Trade Sets March 19 Start for USDC Lending

The exchange described the service as a lending arrangement where users deposit USDC with SBI VC Trade for a fixed period and receive returns paid back in USDC. The structure mirrors crypto lending products already available on other Japanese exchanges, but applies specifically to the Circle-issued stablecoin.

SBI VC Trade announced in March 2025 that it would begin general retail handling of USDC, describing itself at the time as the first domestic exchange to offer retail USDC trading. That earlier announcement also noted the company’s intention to launch a USDC lending service, placing the current rollout within a roadmap disclosed nearly a year ago.

The lending service joins SBI VC Trade’s broader lending program, which currently supports 37 digital assets. USDC is now listed among those supported assets on the exchange’s lending page.

What the Initial USDC Lending Terms Mean for Users

The first offering carries a 10% annualized rate across a 12-week lock-up period. SBI VC Trade indicated that subsequent offerings will settle around a 5% annualized rate under normal conditions.

Each offering is capped at 5,000 USDC per user. Both the principal and returns are paid in USDC, meaning users remain exposed to stablecoin-specific risks rather than converting back to yen automatically.

For context, Coincheck, another Japanese exchange, advertises a generic crypto lending product with a maximum annualized rate of up to 5%. SBI’s initial 10% promotional rate exceeds that benchmark, though its planned normal rate of roughly 5% would be comparable.

SBI’s own materials compared the normal USDC lending yield favorably against typical USD time deposit rates. That comparison relies on the exchange’s own framing and was not independently benchmarked in this reporting. As with any lending product, advertised rates reflect launch conditions and are not guaranteed over time.

Why SBI’s USDC Expansion Matters in Japan’s Stablecoin Market

Japan’s revised Payment Services Act created a legal framework for stablecoins and the service providers that handle them. SBI VC Trade completed registration as the country’s first “electronic payment instruments service provider” on March 4, 2025, a designation that gave it the regulatory basis to offer retail USDC access.

The lending rollout extends what began as a trading-only product into yield-generating territory, deepening the utility of regulated stablecoin access for Japanese retail users. As regulatory frameworks for digital assets evolve globally, Japan’s stablecoin licensing model has positioned domestic exchanges to build layered products on top of compliant infrastructure.

Circle’s March 2025 announcement about the Japanese market noted that Binance Japan, bitbank, and bitFlyer all planned future USDC listings. Whether any of those exchanges have since launched comparable lending products for USDC remains unclear from available evidence. SBI’s head start on both trading and lending gives it an early product-depth advantage, though the competitive landscape could shift as more platforms come online.

USDC itself carries a market capitalization of roughly $79.6 billion with daily trading volume around $6.3 billion globally. Circle states the stablecoin is fully backed by cash and cash-equivalent assets and publishes regular reserve attestations.

The move also arrives as international regulators increase coordination around digital asset oversight, making Japan’s structured approach to stablecoin licensing a notable contrast to jurisdictions still debating frameworks. For exchanges operating under that framework, adding yield products to regulated stablecoin holdings represents a natural next step, one that growing institutional and educational interest in DeFi mechanisms may further accelerate.

SBI VC Trade’s first USDC lending offering opens March 19, 2026. The exchange has not disclosed a schedule for subsequent offerings or whether the per-user cap will change after the initial round.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.