Ripple Launches RLUSD in Japan Under New Stablecoin Rules
Ripple Launches RLUSD in Japan With SBI VC Trade – Regulated Stablecoin Access Expanded Under New Legal Framework
Key Takeaways
- Ripple has launched its dollar-backed stablecoin RLUSD in Japan in partnership with SBI Group.
- The rollout follows approval from Japan’s Financial Services Agency and new stablecoin rules effective June 1.
- RLUSD is available to institutional and retail users through SBI VC Trade’s VCTRADE platform.
- RLUSD’s market capitalization recently declined from $1.8 billion to about $1.59 billion, despite a 271% increase over the past year.
RLUSD Becomes Available in Japan Through SBI VC Trade
Ripple has introduced its dollar-backed stablecoin Ripple USD, known as RLUSD, to the Japanese market. The launch takes place in partnership with SBI Group and follows regulatory approval from Japan’s Financial Services Agency.
Customers in Japan can now access RLUSD via SBI VC Trade’s VCTRADE platform. The rollout covers both institutional and retail users, marking the first time the token is formally distributed under Japan’s revised stablecoin framework.
The move implements a memorandum of understanding signed in August 2025. It also builds on a long-standing relationship between Ripple and SBI that dates back to 2016. Over that period, SBI has supported the broader adoption of XRP in Japan. Earlier this year, XRP also secured a spot listing on Rakuten Wallet, expanding Ripple’s footprint in the country.
For users evaluating crypto payment options, the launch means that a US dollar-backed stablecoin issued outside Japan is now accessible within a regulated domestic structure.
New Japanese Stablecoin Rules Enable Foreign Issuers
The launch follows a change in Japan’s regulatory framework for stablecoins. A new set of rules took effect on June 1, allowing qualifying foreign-issued stablecoins to operate as regulated payment tools.
Under the revised framework, foreign stablecoins are classified as electronic payment instruments under the Payment Services Act. RLUSD is categorized as a new type of instrument under the same Act. This classification provides the legal basis for its offering through licensed platforms such as SBI VC Trade.
Japan has been reshaping its digital asset oversight in recent years, and the June 1 framework specifically addresses how overseas stablecoins can be introduced into the domestic market. For exchanges and service providers, this creates a pathway to list and distribute foreign-issued tokens under defined regulatory conditions.
For international users and businesses, the classification as an electronic payment instrument clarifies how RLUSD can be used within Japan’s payments ecosystem. It also sets boundaries for compliance and supervision under the existing Payment Services Act.
Ripple Positions RLUSD for Payments and Tokenization
According to Ripple’s Senior Vice President of Stablecoins, Jack McDonald, RLUSD is intended to serve as a bridge for payments, tokenization, and collateral management. He described the launch as a step toward expanding access to regulated USD-backed stablecoins for financial institutions, businesses, and consumers in Japan.
The stated objective is to link Japanese businesses with global liquidity through a regulated digital dollar instrument. In practical terms, this positions RLUSD as a settlement and value transfer tool within both domestic and cross-border contexts.
The Japan rollout forms part of RLUSD’s broader expansion into regulated markets. While details of other jurisdictions are not specified, the company frames the Japan entry as one element of a wider international strategy.
For market participants, the focus on payments and tokenization signals that RLUSD is not limited to trading use cases. Instead, it is positioned for integration into financial workflows that require dollar-denominated digital assets.
Market Capitalization Declines After Early June Peak
RLUSD’s market capitalization reached an all-time high of $1.8 billion in early June. Since then, it has declined to approximately $1.59 billion, according to data from DeFiLlama.
Despite the recent pullback, the stablecoin’s market capitalization remains about 271% higher than one year ago. This indicates substantial growth over a 12-month period, even as short-term fluctuations have reduced the total outstanding supply from its peak.
Market capitalization reflects the total value of tokens in circulation. For users and platforms, changes in market cap can indicate shifts in demand, redemptions, or issuance levels. In the case of RLUSD, the data shows both rapid annual expansion and a recent cooling phase.
The Japan launch occurs against this backdrop of strong year-over-year growth but moderated short-term momentum.
Our Assessment
Ripple’s introduction of RLUSD in Japan establishes the stablecoin within a newly implemented regulatory framework that permits foreign-issued tokens to operate as electronic payment instruments. The partnership with SBI VC Trade enables distribution to both institutional and retail users under the Payment Services Act.
The launch follows a formal agreement signed in August 2025 and builds on a partnership between Ripple and SBI that began in 2016. At the same time, RLUSD’s market capitalization has declined from its early June high of $1.8 billion to about $1.59 billion, while remaining significantly higher than a year ago.
Taken together, the development combines regulatory approval, local distribution through a licensed platform, and ongoing global expansion of RLUSD in regulated markets.
