SBI has launched Japan's first licensed USDC lending service, offering an attractive 10% annual

SBI Launches Japan's First Licensed USDC Lending Service—10% APY for 12 Weeks

Japan's crypto lending scene just got a regulated boost. An SBI Holdings subsidiary has rolled out the country's first licensed USDC lending service, offering 10% APY on 12-week terms—well above local dollar deposit rates. Normal rates are around 5%, with a 5,000 USDC cap per user.

SBI VC Trade, which has been running USDC operations since March 2025, is leaning on its experience to offer a product that blends blockchain with traditional finance. For investors, the pitch is simple: higher yields, potential tax perks (USDC gains count as miscellaneous income—tax-free below ¥200,000), and no extra steps. Lenders earn automatically.

The catch? Lent USDC may be re-lent, introducing counterparty risk. Funds aren't segregated, and stability depends on SBI's ops. No early exits, but at maturity you get the same USDC back. Forked tokens? Not covered.

SBI is also working with Circle and Startale to grow USDC's role in Japan. This lending product isn't just another yield play—it's a regulated on-ramp for Japanese investors into the stablecoin economy, and another sign that USDC is digging deeper into the country's digital asset infrastructure.