Ripple launches RLUSD stablecoin in Japan with SBI

Ripple and SBI Group have launched the Ripple USD stablecoin in Japan following approval from the Financial Services Agency of Japan.

RLUSD will be available to institutional and retail users through SBI VC Trade's VCTRADE platform. In Japan, foreign-issued stablecoins are classified as electronic payment instruments under the Payment Services Act.

The launch gives Ripple a formal entry for its dollar-backed stablecoin into Japan's digital asset market, where regulators have set specific rules for stablecoin issuance and distribution. It also extends the relationship between Ripple and SBI, which has been in place for about a decade.

The work on RLUSD in Japan follows an earlier memorandum of understanding outlining plans for the product's launch in the country. SBI VC Trade, an SBI subsidiary, is licensed as an Electronic Payment Instruments Exchange Service Provider.

Japan has taken a more defined regulatory approach to digital assets than many other markets, with stablecoins facing particular scrutiny after lawmakers introduced rules aimed at investor protection and operational safeguards. Under that framework, foreign-issued stablecoins can be distributed domestically if they meet regulators' conditions and are handled by approved intermediaries.

Ripple said RLUSD reached a market capitalisation of USD $1.7 billion after its launch in late 2024. The company positions the token for payments, tokenisation and collateral management, areas where financial institutions are increasingly testing stablecoins for faster settlement and round-the-clock transfers.

Japan market

SBI VC Trade will offer the stablecoin to institutional and retail customers, giving Ripple access to a broad user base in Japan. The country remains one of Asia's more closely watched digital asset markets, with large financial groups and trading platforms operating under a relatively detailed rulebook.

For SBI, adding RLUSD expands the range of digital assets and payment-linked instruments on its platform. The company has also moved into other areas of crypto trading and management services, including support for USDC in Japan.

US dollar-linked stablecoins have become a central part of digital asset markets because they are widely used as a settlement tool by exchanges, traders and, increasingly, some businesses. Their growth has also drawn regulators' attention, particularly around reserve backing, redemption, governance and anti-money laundering controls.

Japan's approval for RLUSD could serve as a test case for how overseas stablecoin issuers enter a tightly regulated market through local partners. Rather than operating directly, foreign groups often need established domestic financial or trading businesses to manage distribution and compliance obligations.

Long partnership

Ripple and SBI have worked together since 2016 on digital asset and cross-border payment initiatives across Japan and the wider Asia-Pacific region. That long-running partnership has made SBI one of Ripple's most prominent allies in the region as it has sought to build commercial use cases around blockchain-based financial products.

The launch of RLUSD adds a stablecoin element to that relationship at a time when tokenised forms of money are becoming more important in discussions about payment infrastructure. Banks, brokers and financial technology groups are exploring whether regulated digital cash instruments can be used in settlement, treasury functions and trade-related transfers.

Jack McDonald, Senior Vice President of Stablecoins at Ripple, said the Japanese market had been shaped by clear regulation and financial sector innovation.

"Japan has long been a leader in digital asset adoption, underpinned by both regulatory clarity and financial innovation. This launch marks an important step in expanding access to transparent, regulated USD-backed stablecoins like RLUSD for financial institutions, consumers and businesses in Japan," said McDonald.

"Through our collaboration with SBI Group, RLUSD will serve as a bridge for payments, tokenisation and collateral management,connecting Japanese businesses and individuals more efficiently to global liquidity. Together, we're helping advance regulated stablecoin adoption across Asia," he added.

Tomohiko Kondo, Chief Executive Officer of SBI VC Trade, linked the launch to the companies' wider co-operation in digital finance.

"We are truly pleased to announce the launch of support for RLUSD, a U.S. dollar-denominated stablecoin. Ripple and the SBI Group have worked closely together for many years with a shared vision of advancing the future of on-chain finance. The introduction of RLUSD represents a major milestone in our ongoing collaboration and our efforts to drive innovation in digital finance. Looking ahead, we remain fully committed to expanding the range of services built around RLUSD and fostering new use cases that deliver greater value to our customers and the broader market," Kondo said.