Ripple’s U.S. dollar stablecoin, Ripple USD (RLUSD), has officially entered the Japanese market after winning approval from the country’s top regulator. The Japan Financial Services Agency (JFSA) signed off on the token, which now sits under Japan’s updated rules for foreign‑issued stablecoins.
RLUSD Goes Live on SBI’s VCTRADE
Ripple announced that Ripple USD (RLUSD) is now officially available in Japan after getting approval from the Japan Financial Services Agency (JFSA). The launch is in partnership with SBI Group and its licensed crypto arm, SBI VC Trade.
Institutional and retail users can now use RLUSD on SBI’s VCTRADE platform. According to Ripple, the stablecoin will help connect payments, support tokenization projects, and assist with collateral management in Japan.
The JFSA has approved RLUSD as a new “Type 4” electronic payment instrument for dollar-denominated foreign stablecoins. This means the token must comply with Japan’s strict rules on reserves, disclosures, and consumer protection.
Ripple calls RLUSD a “USD‑denominated stablecoin designed for institutions, created with trust and compliance at its core.” It is fully backed by U.S. dollar deposits, short‑term Treasuries, and other cash equivalents held in segregated accounts.
Ripple also issues monthly reserve reports prepared by an independent accounting firm that match circulating supply to underlying assets. As of late May, its transparency page showed about $1.731 billion in RLUSD in circulation and $1.833 billion in reserves.
In addition, a Deloitte attestation earlier this year confirmed that RLUSD’s reserves exceeded its supply and that it met New York’s stablecoin rules. Those standards limit backing assets to conservative instruments and require strict liquidity and redemption conditions.
Ripple and SBI’s Decade-Long Collaboration
Ripple highlighted that RLUSD now has a market capitalization of roughly $1.7 billion as it expands into Asia. The Japan launch follows earlier plans the company announced with SBI in 2025 to distribute the stablecoin through SBI VC Trade.
Ripple and SBI Group have worked together for about ten years through several ventures. One of these is SBI Ripple Asia, which provides RippleNet services across the region.
They previously teamed up on XRP‑based remittances from Japan to Southeast Asia. In those services, they used crypto as a bridge between different fiat currencies.
Now, Ripple says this launch is “a significant milestone in advancing regulated stablecoin adoption across Asia.” Jack McDonald, Ripple’s senior vice president of stablecoins, added that the move expands access to “transparent, regulated USD‑backed stablecoins” for Japanese institutions and consumers.
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