Ripple has officially launched its USD-backed stablecoin RLUSD in Japan, marking a major milestone in the company’s expansion across Asia. Following approval from Japan’s Financial Services Agency (JFSA), RLUSD is now available to both institutional and retail users through SBI VC Trade’s VCTRADE platform.
The launch delivers on the strategic partnership announced by Ripple and SBI Group in August 2025 and brings regulated USD stablecoin access to one of the world’s most advanced digital asset markets.
Ripple and SBI Expand Their Long-Term Partnership
Ripple and SBI have been working together since 2016 to expand blockchain use across Japan and Asia-Pacific. With RLUSD now live, they plan to use it for cross-border payments, tokenization, and collateral management.
Ripple says Japan’s clear regulations make it a key market for stablecoins, while SBI called the launch a major step toward the future of on-chain finance.
According to Reece Merrick, Managing Director, Middle East & Africa, Ripple, “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.”
A Fully Regulated USD Stablecoin
- RLUSD has been approved in Japan as a Type 4 Electronic Payment Instrument.
- It is fully backed 1:1 by U.S. dollar deposits, Treasuries, and cash equivalents.
- Reserves are verified through monthly third-party attestations.
- SBI VC Trade will offer free RLUSD deposits and withdrawals.
- RLUSD is the second USD stablecoin on the platform after USD Coin.
- Since launching in late 2024, RLUSD has grown to a market cap of about $1.7 billion.
RLUSD on XRPL Is Closing In on Ethereum
Meanwhile, the community is getting more interested in RLUSD’s supply distribution across blockchains.
According to XRP community members Vet and Bill Morgan, RLUSD circulating on the XRP Ledger is now close to overtaking Ethereum, with roughly $792 million on XRPL compared with about $793 million on Ethereum.
Analysts see Ripple is gradually shifting growth toward XRPL, which better aligns with the stablecoin’s core strengths of fast payments and efficient value transfers. Recent customer redemptions on Ethereum have also reduced supply there.
With Japan now onboard, Ripple is continuing to position RLUSD as a key piece of regulated global financial infrastructure.
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