Japanese cryptocurrency exchange SBI VC Trade announced on March 18, 2026, that starting the next day (March 19), it will offer USDC (USD Coin) lending services to Japanese retail users. This product allows users to lend USDC to the exchange in exchange for usage fees, with the initial offering providing a 12-week lending opportunity at an annualized interest rate of up to 10%, capped at 5,000 USDC per user per lending instance.
SBI VC Trade describes this service as a lending arrangement where users deposit USDC for a specified period with SBI VC Trade and receive returns in USDC. This model is similar to existing cryptocurrency lending products offered by other exchanges in Japan but is specifically tailored for Circle's stablecoin, USDC.
The newly launched USDC lending service is part of SBI VC Trade's broader lending program, which currently supports 37 digital assets. USDC has been added to the list of supported assets on the exchange's lending page.
Detailed Terms for the Initial USDC Lending Period
The initial lending period will feature a 12-week lock-up with an annualized interest rate of 10%. SBI VC Trade stated that under normal circumstances, subsequent lending activities will stabilize at an annualized rate of around 5%.
The lending cap is set at 5,000 USDC per user for each lending instance. Both principal and earnings will be returned in USDC, meaning users will continue to bear risks associated with stablecoins rather than an automatic conversion to JPY.
For reference, general cryptocurrency lending products offered by another Japanese exchange, Coincheck, can achieve annualized interest rates of up to 5%. SBI's initial promotional rate of 10% is higher than this benchmark, while its planned normal rate of approximately 5% is comparable.
SBI's own materials also compare the normal lending yield for USDC with common USD fixed deposit rates, suggesting it offers advantages. It is important to note that this comparison is presented from the exchange's promotional perspective and has not been independently verified. As with any lending product, advertised rates reflect conditions at launch and are not guaranteed for the long term.
Significance of SBI's USDC Expansion for the Japanese Stablecoin Market
Japan's revised Payment Services Act has established a legal framework for stablecoins and their service providers. SBI VC Trade completed its registration as Japan's first "Electronic Payment Instrument Service Provider" on March 4, 2025, a qualification that provides a regulatory basis for offering USDC services to retail users.
Circle's announcement regarding the Japanese market in March 2025 mentioned that exchanges such as Binance Japan, bitbank, and bitFlyer also plan to list USDC in the future. However, based on available information, it is unclear whether these exchanges have already launched similar USDC lending products. SBI's first-mover advantage in trading and lending services gives it an early edge in product depth, but the competitive landscape may shift as more platforms enter the market.
USDC itself holds a global market capitalization of approximately $79.6 billion and an average daily trading volume of around $6.3 billion. Circle states that the stablecoin is fully backed by cash and cash equivalents and regularly publishes proof of reserves.