Ripple, SBI Launch RLUSD Stablecoin in Japan

Ripple and SBI Group launched RLUSD, a U.S. dollar-backed stablecoin, in Japan on June 24 after approval from the Financial Services Agency. The token is available to retail and institutional users on SBI VC Trade.

The FSA designated RLUSD as an electronic payment instrument under Japan’s Payment Services Act, a classification for foreign-issued stablecoins that meet the country’s safety and oversight standards.

SBI VC Trade operates as a licensed Electronic Payment Instruments Exchange Service Provider and is registered as a Crypto Asset Exchange Service Provider and a Type 1 Financial Instruments Service Provider. Those registrations allow the platform to distribute RLUSD to domestic customers and offer services that combine digital assets with securities and derivatives.

Ripple launched RLUSD in late 2024. The token has reached a market capitalization of about $1.7 billion and is designed for compliance, liquidity and transparency. Ripple and SBI plan to use RLUSD for settlement, cross-border liquidity and other payment applications.

Ripple and SBI have collaborated since 2016 on blockchain infrastructure, cross-border payments and digital asset projects across Japan and the Asia-Pacific region. The companies outlined a new phase of cooperation in an August 2025 memorandum of understanding and said they will explore RLUSD use in payments, tokenization and collateral management.

Jack McDonald, senior vice president of stablecoins at Ripple, commented: “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.” Tomohiko Kondo, chief executive of SBI VC Trade, described the rollout as a major milestone for the partnership and added: “We plan to expand RLUSD-based services and develop additional use cases while broadening our digital asset offerings.”