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Ripple Launches RLUSD Stablecoin in Japan After FSA Approval

Through SBI VC Trade, RLUSD is now available to Japanese customers under the new FSA framework for regulated stablecoins. The move highlights Ripple’s focus on payments and tokenization.

By Zenz van der Wielen
• 2 min read
Ripple Launches RLUSD Stablecoin in Japan After FSA Approval

Key Takeaways

  • Ripple has launched RLUSD in Japan through SBI VC Trade, after approval from Japan’s FSA.
  • New Japanese rules allow foreign stablecoins to operate as regulated electronic payment instruments.
  • RLUSD is meant to support payments, tokenization, and collateral management in the Japanese market.

Ripple has launched its dollar-backed stablecoin Ripple USD (RLUSD) in Japan in partnership with SBI Group, after approval from Japan’s Financial Services Agency (FSA). This means customers can now use RLUSD through SBI VC Trade’s VCTRADE platform, making the regulated token available to both institutional and retail users in Japan.

New Stablecoin Rules in Japan

On June 1, a new regulatory framework took effect in Japan that allows foreign stablecoins to operate as regulated payment instruments. The FSA has reclassified certain foreign stablecoins as electronic payment instruments under the Payment Services Act. That means RLUSD now falls under this law as a new type of instrument, opening the door for regulated stablecoins in Japan’s financial system.

These changes allow foreign stablecoin issuers to hold reserve assets in government bonds and time deposits, as long as they meet specific criteria. This is meant to improve the stability and reliability of stablecoins in Japan and reflects the country’s evolving stance on digital assets.

Strategic Partnership and Market Expansion

The launch of RLUSD in Japan comes out of a memorandum of understanding signed in August 2025 and builds on the long-running partnership between Ripple and SBI, which has been in place since 2016. This move fits into SBI’s broader push for XRP in Japan, where Ripple also got listed on the Rakuten Wallet platform this year. Ripple is also working on rolling out RLUSD outside Japan, including through cross-border payment partnerships in Africa.

According to Jack McDonald, Senior Vice President of Stablecoins at Ripple, RLUSD will act as a bridge for payments, tokenization, and collateral management, helping connect Japanese businesses with global liquidity. Even though RLUSD’s market cap since early June has slipped a bit from a peak of $1.8 billion (€1.6 billion) to around $1.59 billion (€1.4 billion), its market cap has still grown strongly by about 271% over the past year.

Why This Matters for European Crypto Users

RLUSD’s launch in a tightly regulated market like Japan could also matter for European crypto investors and companies. It shows how regulated stablecoins can be integrated into existing financial systems, which could also affect the adoption and regulation of similar tokens in Europe. Developments in Japan may offer a glimpse into future trends in the global stablecoin market.

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