MV Capital - Ripple's RLUSD Stablecoin Goes Live in Japan After JFSA Approval

Ripple has launched its USD-pegged stablecoin RLUSD in Japan through a partnership with SBI VC Trade, following approval from the Japan Financial Services Agency as a regulated electronic payment instrument

Regulatory Milestone for RLUSD in Japan

Ripple's RLUSD stablecoin is now available to both institutional and retail users in Japan on the VCTRADE platform operated by SBI VC Trade. The Japan Financial Services Agency approved RLUSD under the Payment Services Act as a new category of electronic payment instrument designed for foreign-issued stablecoins that meet local standards.

This marks a significant development in Japan's tightly regulated crypto market, where stablecoins operate under strict oversight. RLUSD, which maintains a 1:1 peg to the US dollar and is backed by reserves including dollar deposits, short-term Treasuries, and cash equivalents, has undergone monthly third-party attestations for transparency.

Key Details on RLUSD LaunchAvailable via SBI VC Trade's VCTRADE platform for institutional and retail access
Classified as Type 4 Electronic Payment Instrument under Japanese regulations
Free deposits and withdrawals offered by the platform
Market capitalization around $1.7 billion since its 2024 launch

Deepening Partnership Between Ripple and SBI Group

The launch builds on a long-standing relationship between Ripple and SBI Group that dates back to 2016, focused on blockchain infrastructure and cross-border payments in Asia. A memorandum of understanding signed in August 2025 set the stage for this rollout.

 "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."
Jack McDonald, Senior Vice President of Stablecoins at Ripple

SBI VC Trade CEO Tomohiko Kondo described the development as a major milestone in the companies' partnership, with plans to expand services and use cases around the stablecoin.

RLUSD's Position in the Stablecoin Market

While RLUSD has grown to approximately $1.7 billion in market value, it remains smaller than leading stablecoins like USDT and USDC. The Japan approval positions it for greater institutional adoption in a market known for its rigorous regulatory framework.

On the XRP Ledger, RLUSD supply has increased notably, approaching levels seen on Ethereum, with significant presence in automated market maker pools. This supports liquidity for trading pairs while serving settlement functions.

RLUSD Supply and Distribution HighlightsApproximately $785 million circulating on XRPL networks
Backed by verified reserves with regular attestations
Second-largest AMM pool on XRPL in relevant pairings

Broader Context in Japan's Digital Asset Landscape

Japan continues to advance its digital asset initiatives, with SBI Group also preparing a yen-backed stablecoin and major banks planning their own stablecoin transactions. These steps reflect growing integration of regulated stablecoins into the financial system.

RLUSD's entry provides Japanese users with access to a compliant USD stablecoin for various financial activities, including payments and tokenized asset management, within the established regulatory boundaries.

 "Following JFSA approval, RLUSD is now live for institutional and retail users on SBI VC Trade’s platform. This builds directly on our long-standing partnership and brings trusted, regulated USD stablecoin access to one of the most innovative markets."
Reece Merrick, Managing Director at Ripple