Ripple’s RLUSD stablecoin has gone live in Japan after approval from the Japan Financial Services Agency. The U.S. dollar-backed token is now available through SBI VC Trade for both retail and institutional users. The approval places RLUSD under Japan’s Payment Services Act as an electronic payment instrument. The launch expands Ripple’s regulated stablecoin push in Asia while keeping RLUSD separate from XRP.
RLUSD Gains Approval Under Japan’s Payment Rules
Japan’s Financial Services Agency cleared RLUSD as a new category of electronic payment instrument. This category covers foreign-issued stablecoins that meet local standards under the Payment Services Act. The approval allows SBI VC Trade to offer the token on its VCTRADE platform.
RLUSD is designed to maintain a one-to-one peg with the U.S. dollar. Ripple says the token is backed by reserves that include U.S. dollar deposits, short-term U.S. government bonds, and cash equivalents. The structure is aimed at users who need a dollar-linked asset for payments and settlement.
The Japan rollout follows a memorandum of understanding signed by Ripple and SBI in August 2025. It also builds on a business relationship that began in 2016, when both companies started working together on blockchain infrastructure and cross-border payment services in Asia.
SBI VC Trade Opens RLUSD Access in Japan
SBI VC Trade will provide RLUSD access to institutions and retail customers in Japan. The company operates as the digital asset arm of SBI Holdings, one of Japan’s major financial groups. Its VCTRADE platform will support the stablecoin after the regulatory clearance.
It also gives SBI another dollar-linked product for local crypto customers in Japan. Ripple said RLUSD will support payments, tokenization, and collateral management. 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.”
The launch also comes as Japan increases stablecoin activity. SBI Group recently launched JPYSC, a trust bank-backed yen stablecoin, with Startale Group. Japan’s three megabanks, MUFG, SMBC, and Mizuho, have also planned commercial stablecoin transactions within the fiscal year ending March 2027.
RLUSD Market Size Remains Below USDT and USDC
RLUSD launched in late 2024 and remains smaller than the leading dollar stablecoins. Ripple said the token has reached about $1.7 billion in market value. CoinGecko data shows about $1.6 billion in market capitalization and $116.7 million in 24-hour trading volume.
The wider stablecoin market is still led by Tether’s USDT and Circle’s USDC. USDT has about $186 billion in market value, while USDC has about $74 billion. These figures show the gap Ripple must address as it expands RLUSD into regulated markets.
The Japan approval gives RLUSD a route into a market known for strict crypto rules. However, market share will depend on liquidity, platform access, transaction use, and demand from businesses. The token’s growth will also depend on how users adopt it for payments and on-chain finance.
Ripple has positioned RLUSD for enterprise payments, tokenized assets, and collateral use. These areas require stable pricing, reserve transparency, and clear redemption standards. Japan’s approval gives the token a legal path to serve customers under local payment rules.
The launch arrives as stablecoins face more formal regulation in the United States, Europe, and Asia. Japan’s approval adds another market to Ripple’s stablecoin network.
