Ripple has launched its RLUSD stablecoin in Japan through SBI VC Trade, marking a significant step in the company’s effort to expand regulated dollar-backed stablecoin distribution across major financial markets.
SBI VC Trade, the crypto exchange and electronic payment instruments business under SBI Group, said it began handling RLUSD on June 24, 2026, after scheduled maintenance on its VCTRADE platform. The company described RLUSD as Japan’s first “Type 4” electronic payment instrument stablecoin, making the launch a notable development under the country’s regulated digital payments framework.
The rollout follows an earlier agreement between Ripple and SBI Group to distribute RLUSD in Japan. SBI VC Trade had previously said it aimed to make the stablecoin available in the country during the first quarter of 2026, reflecting the long-standing relationship between Ripple and SBI in digital assets, cross-border payments and XRP-related infrastructure.
RLUSD is a U.S. dollar-backed stablecoin designed to maintain a one-to-one value with the dollar. Ripple says the token is issued on XRP Ledger and Ethereum and is backed by segregated reserves of cash and cash equivalents. SBI VC Trade said RLUSD deposits and withdrawals would be available with no fees, a feature that could support early adoption among users moving funds between exchanges, wallets and payment applications.
Japan Opens Door to Dollar Stablecoins
The Japan launch gives Ripple access to one of the world’s most developed crypto regulatory environments. Japan established a legal framework for stablecoins through amendments to its Payment Services Act, creating a clearer path for licensed entities to issue, distribute or handle digital payment instruments.
That clarity matters for institutional adoption. Stablecoins have become a core settlement tool in global crypto markets, but their use in regulated financial systems depends on reserve transparency, issuer oversight, anti-money-laundering controls and consumer-protection standards. Japan’s framework gives companies such as Ripple and SBI a structured environment to introduce stablecoins without relying solely on offshore distribution.
The launch also comes as Japan’s stablecoin market becomes more competitive. SBI VC Trade has also moved forward with JPYSC, a yen-denominated stablecoin backed through a trust-bank structure. The combination of dollar- and yen-based stablecoins could create new rails for cross-border transfers, exchange liquidity and corporate payments.
Ripple Expands Stablecoin Strategy
For Ripple, RLUSD’s Japan launch strengthens its broader push into regulated stablecoin infrastructure. The company has positioned RLUSD as an institution-grade stablecoin for payments, settlement and tokenized finance, competing indirectly with larger dollar stablecoins such as Tether’s USDT and Circle’s USDC.
The market remains highly concentrated. USDT and USDC continue to dominate global stablecoin liquidity, while RLUSD remains a smaller but growing entrant. Recent market data shows RLUSD’s circulating supply above 1.6 billion tokens, giving Ripple a larger base than during the stablecoin’s early rollout but still leaving it well behind the sector leaders.
Ripple has also expanded around stablecoin payments through acquisitions and institutional infrastructure. The company agreed to buy stablecoin payments platform Rail for $200 million in 2025 and has pursued deeper U.S. regulatory integration, including a national bank charter application and a Federal Reserve master account request.
The regulatory implications of the Japan launch are significant. If RLUSD gains traction through SBI VC Trade, it could show how stablecoins can enter major markets through licensed intermediaries rather than unregulated offshore channels. For Ripple, Japan offers both a strategically important payments market and a test case for whether regulated dollar stablecoins can scale in jurisdictions with strict oversight and clear compliance rules.
