Ripple Wins Japan Approval For $1.7B RLUSD

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Ripple has announced a major win for its Ripple USD (RLUSD), as the stablecoin has landed in Japan.

According to the press release, the company teamed up with Japanese financial services giant SBI Holdings and its subsidiary SBI VC Trade Co., which is a licensed Electronic Payment Instruments Exchange Service Provider. The joint operation enabled RLUSD’s availability in the Land of the Rising Sun.

Available to all

The stablecoin is available to both institutional and retail users through SBI VC Trade’s VCTRADE platform. The latter serves as “a bridge for payments, tokenization, and collateral management,” the company says.

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The approval from the Japan Financial Services Agency (JFSA) has categorized RLUSD as a new type of electronic payment instrument under Japan’s Payment Services Act. This is what allows it to function in the country as a foreign-issued stablecoin.

“Japan has long been a leader in digital asset adoption, underpinned by both regulatory clarity and financial innovation,” said Jack McDonald, Senior Vice President of Stablecoins at Ripple.  “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 continued:

“Through our collaboration with SBI Group, RLUSD will serve as a bridge for payments, tokenization and collateral management, connecting Japanese businesses and individuals more efficiently to global liquidity. Together, we’re helping advance regulated stablecoin adoption across Asia.”

More plans for RLUSD

RLUSD was launched in December 2024, and it has reached $1.7 billion in market capitalization since then. It has already been deployed across multiple markets globally. But besides enabling faster settlements and cross-border liquidity, RLUSD is also being explored for “next-generation applications including programmable trade settlements and supply chain finance,” its creators said.

Meanwhile, this is the latest in a series of joint moves Ripple and SBI Group have made, having worked together since 2016. “Ripple and the SBI Group have worked closely together for many years with a shared vision of advancing the future of on-chain finance,” said SBI VC Trade CEO Tomohiko Kondo. “Looking ahead, we remain fully committed to expanding the range of services built around RLUSD and fostering new use cases that deliver greater value to our customers and the broader market.”