Ripple Targets Japanese Payments and Tokenization With New RLUSD Launch

Ripple has launched its dollar-backed stablecoin Ripple USD (RLUSD) in Japan with SBI Group, following approval from the country’s Financial Services Agency.

Customers can now access RLUSD through SBI VC Trade’s VCTRADE platform. The rollout opens the regulated token to both institutional and retail users in Japan.

Ripple Opens RLUSD to Japanese Users

Japan reshaped its stablecoin rules this month. A new framework took effect on June 1, letting qualifying foreign stablecoins operate as regulated payment tools.

Under the rules, foreign-issued stablecoins are classified as electronic payment instruments under the Payment Services Act. RLUSD is also categorized as a new type of instrument under the Act.

Ripple’s Senior Vice President of Stablecoins, Jack McDonald, said RLUSD will act as a bridge for payments, tokenization, and collateral management. He framed it as a link between Japanese businesses and global liquidity.

“Japan has long been a leader in digital asset adoption, underpinned by both regulatory clarity and financial innovation. This launch marks an important step in expanding access to transparent, regulated USD-backed stablecoins like RLUSD for financial institutions, consumers, and businesses in Japan,” McDonald said.

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The launch fulfills a memorandum of understanding signed in August 2025. It also builds on a Ripple and SBI partnership that dates back to 2016.

The deal reflects SBI’s broader XRP push nationwide. Ripple’s wider Japan footprint also grew this year, with XRP gaining a spot listing on Rakuten Wallet.

Meanwhile, the stablecoin has cooled since its early-June peak. Its market cap hit an all-time high of $1.8 billion then, but has since slipped to about $1.59 billion, according to DeFiLlama data. Even so, the market cap remains up roughly 271% over the past year.

The Japan entry follows RLUSD’s global expansion into other regulated markets. The coming months may show whether RLUSD can challenge incumbents in Japan’s regulated stablecoin market.

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