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\[ASA News] is a bi-weekly newsletter where we share the most important news related to stablecoin in Asia. (2026.03.16~03.29)*
Written by Moyed
1. [News] Regulated Stablecoin Yield Product Targets Retail Investors via Licensed Platform
Source: SBI Crypto Arm Introduces USDC Stablecoin Lending Service
SBI VC Trade, the digital asset subsidiary of SBI Holdings, has launched a USDC lending service in Japan. The product enables retail investors to earn yields on dollar-pegged stablecoins through a domestically licensed platform. An introductory annualised rate of 10% is offered for a fixed 12-week term, with plans to maintain approximately 5% going forward—still above typical US dollar time deposit rates of 0.01% to 4%.
Each offering is capped at 5,000 USDC, with interest earnings classified as miscellaneous income for tax purposes. Small-scale participants whose total annual miscellaneous income stays below 200,000 yen can remain tax-exempt. SBI VC Trade has clarified that the service constitutes a loan rather than a deposit, meaning participants bear direct counterparty risk without bank-style asset segregation. The borrowed USDC may be re-lent as part of SBI VC Trade's regular operations, and funds cannot be withdrawn during the fixed 12-week term. SBI VC Trade began handling USDC in March 2025 as the only platform in Japan licensed to distribute and trade stablecoins to the public.
2. [Commentary] SBI's Full-Stack Stablecoin Strategy: From Distribution to Yield Products
Viewed in isolation, SBI VC Trade's USDC lending service is a straightforward yield product. But placed alongside SBI Group's recent moves, it reads as one pillar of a strategy to vertically integrate Japan's entire stablecoin and tokenised finance ecosystem. Since securing its position as Japan's sole USDC public distribution licensee in March 2025, SBI VC Trade has been driving USDC adoption and digital finance applications through a joint venture with Circle (established August 2025). This lending service represents an expansion from "distribution" to "yield generation." By adding interest income as a holding incentive to a platform that previously supported only spot trading, SBI is creating long-term holding-based stablecoin demand rather than speculative trading activity.
In parallel, SBI Group is moving aggressively at the infrastructure layer. This week SBI Holdings invested $63 million in Singapore-based blockchain infrastructure firm Startale Group alongside Sony Innovation Fund. Startale is building "Strium," a platform for trading tokenised securities and real-world assets, while also developing the yen stablecoin JPYSC and dollar stablecoin USDSC. With plans to launch tokenised securities linked to Japanese equities this year, a structure is taking shape in which stablecoins function not merely as payment instruments but as the settlement layer for tokenised assets.
The 10% introductory rate clearly carries a marketing element, but the planned 5% ongoing rate is still competitive against US dollar time deposits. For retail investors seeking dollar-denominated returns in Japan's ultra-low interest rate environment (yen deposit rates around 0.02%), this represents a meaningful option. However, as SBI VC Trade has disclosed, this is a loan contract rather than a deposit, and the re-lending structure introduces additional credit risk.
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