Ripple’s dollar-backed stablecoin RLUSD has been cleared for use in Japan, opening the token to one of the most tightly regulated crypto markets in Asia. Japan’s Financial Services Agency approved RLUSD under the country’s Payment Services Act as a new category of electronic payment instrument for foreign-issued stablecoins that meet local rules.
The token will be made available through SBI VC Trade, the digital asset unit of Japanese financial group SBI, on its VCTRADE platform. Access will cover both institutional clients and retail users. That matters in Japan, where stablecoin rules are among the strictest in the market and foreign-issued dollar tokens face a high bar for entry.
Approval follows a framework for overseas stablecoins
Stablecoins are designed to maintain a steady value, and RLUSD is pegged to the U.S. dollar. By placing it in a category built for overseas issuers that satisfy Japanese standards, regulators have given Ripple a formal route into the local market. The move adds a regulated foothold in Asia rather than just another exchange listing.
The rollout also fulfills a memorandum of understanding signed by Ripple and SBI in August 2025. The relationship goes back to 2016, when the two companies began working together on cross-border payments and blockchain infrastructure in Asia.
RLUSD remains far smaller than USDT and USDC
RLUSD is still small compared with the leading stablecoins. Ripple said the token has reached about $1.7 billion in market value since its launch in late 2024. That is well below Tether’s USDT at roughly $186 billion and Circle’s USDC at about $74 billion, which continue to dominate the sector.
In a statement, Ripple senior vice president of stablecoins Jack McDonald said RLUSD will “serve as a bridge for payments, tokenization and collateral management,” linking Japanese businesses to global dollar liquidity. RLUSD is separate from XRP, the token most closely associated with Ripple. The company has positioned RLUSD as an enterprise-focused token for settlements and tokenization, including the issuance of real-world assets onchain.
Japan entry comes as stablecoin rules tighten globally
The Japan launch arrives as stablecoin regulation is taking clearer shape in the U.S., Europe and across Asia. That has turned the market into a contest not only for users, but also for official approval. Japan’s authorization gives RLUSD stronger credentials for institutional adoption, though it still faces the harder task of building the volume and liquidity already held by its much larger rivals.