Ripple and SBI Holdings have launched RLUSD in Japan, giving both institutional and retail users access to the U.S. dollar-backed stablecoin through SBI VC Trade’s VCTRADE platform. The rollout came after approval under Japan’s regulatory framework, bringing RLUSD into one of the world’s largest supervised digital asset markets.
Approved under Japan’s foreign stablecoin rules
Ripple said RLUSD was cleared under the framework tied to Japan’s Payment Services Act for foreign-issued stablecoins. The asset is now being offered through SBI VC Trade, which is licensed as an Electronic Payment Instruments Exchange Service Provider.
The commercial launch follows a memorandum of understanding signed by Ripple and SBI Holdings in August 2025. Once regulatory clearance was secured, the two companies moved ahead with making RLUSD available in the market.
Payments, tokenization and collateral are early targets
According to Ripple, RLUSD in Japan is aimed at both institutional clients and retail users. The company said the stablecoin is intended to support payments, tokenization, and collateral management. It also pointed to cross-border liquidity as one of the practical use cases around the asset.
Jack McDonald, Ripple’s Senior Vice President of Stablecoins, said Japan remains a major digital asset market because of regulatory clarity and financial innovation. He said RLUSD is designed to connect businesses and consumers with global liquidity through regulated infrastructure.
Japan launch extends a partnership dating back to 2016
SBI VC Trade CEO Tomohiko Kondo said the listing is another step in the long relationship between SBI Group and Ripple. The two companies plan to expand services built around RLUSD. Ripple said their broader partnership on blockchain-based financial infrastructure has been in place since 2016.
The Japan debut also adds to RLUSD’s international expansion. Ripple said the stablecoin has reached a market capitalization of $1.7 billion since its launch in late 2024. The company added that RLUSD already supports settlements, cross-border liquidity, and transparency-focused payment operations in multiple markets, while some organizations are evaluating it for programmable trade settlements and supply chain finance.