Ripple has launched its RLUSD stablecoin in Japan through SBI VC Trade after receiving regulatory approval. The rollout gives retail and institutional users access to a dollar-backed token designed for payments, tokenization, and collateral management.
Ripple has launched its US dollar-backed RLUSD stablecoin in Japan through SBI VC Trade. The rollout followed approval from Japan’s Financial Services Agency and gives institutional and retail users access through the VCTRADE platform.
The launch expands Ripple’s presence in one of Asia’s most regulated digital asset markets. It also places RLUSD within Japan’s updated payment rules, which allow approved foreign stablecoins to operate as electronic payment instruments.
It connects yen-based market participants with dollar liquidity without requiring direct access to overseas exchanges or unregulated trading services under the approved local structure.
RLUSD Enters Japan Under Updated Stablecoin Rules
Japan introduced a revised stablecoin framework on June 1, 2026. The rules classify qualifying foreign-issued stablecoins as electronic payment instruments under the Payment Services Act. This structure allows regulated firms to distribute approved tokens for payments and other financial services.
RLUSD received approval under that framework before its public launch. SBI VC Trade now handles distribution in Japan, using systems already built for regulated digital assets. The platform offers access to both companies and individual customers while following local compliance and custody requirements.
Ripple issues RLUSD through a trust company supervised by the New York State Department of Financial Services. The company says each token is fully backed by cash and short-term US Treasury assets. Japan’s approval adds a second layer of regulatory oversight around local distribution.
Ripple Focuses on Payments, Tokenization and Collateral
Ripple plans to position RLUSD as a settlement tool for cross-border payments and tokenized assets. The company also expects financial firms to use the stablecoin for collateral management, in which a regulated dollar token can facilitate transfers between traditional markets and blockchain networks.
Jack McDonald, Ripple’s senior vice president of stablecoins, said, “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.” He also described Japan as a market with clear digital asset rules and a track record of financial innovation.
The launch follows a memorandum of understanding signed by Ripple and SBI in August 2025. Their wider partnership began in 2016 and has covered cross-border payments, custody, and XRP-related services. Meanwhile, SBI has expanded its role in Japan’s digital asset sector through licensed trading and stablecoin distribution.
RLUSD Market Cap Holds Above $1.5 Billion
RLUSD enters Japan after a period of rapid market growth. Its market capitalization stands near $1.59 billion, compared with about $1.8 billion at its early-June peak. Despite the decline from that level, the token’s market value has risen by about 271% over the past year, according to data cited in the supplied reports.
Ripple stated that RLUSD had reached about $1.7 billion in market capitalization when announcing the Japan launch. The difference may reflect price movements, changes in token supply, or data timing discrepancies across market trackers. Stablecoin market values often shift as issuers create or redeem tokens to match demand.
In Japan, RLUSD will compete with other approved dollar-backed stablecoins already available through regulated providers. SBI VC Trade also distributes USDC, giving users more than one regulated dollar token on the same platform.
The rollout gives Ripple a direct route into Japanese payments and tokenization services. Adoption will depend on demand from banks, businesses, trading firms, and retail customers using VCTRADE.
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