Ripple Brings RLUSD To Japan

Ripple has officially launched its dollar-pegged stablecoin, Ripple USD ($RLUSD), in Japan, marking one of the most significant regulated stablecoin entries into an Asian market to date. Ripple and long-time partner SBI Holdings announced the launch on June 24, 2026, following formal approval from the Japan Financial Services Agency (JFSA).

JFSA Approval and SBI VC Trade Distribution

The launch follows regulatory approval from the JFSA, under which RLUSD is categorised as a new type of electronic payment instrument, and will be offered to both institutional and retail users through SBI VC Trade's VCTRADE platform. SBI VC Trade will offer free RLUSD deposits and withdrawals, making it the second USD stablecoin on the platform after USD Coin.

The milestone delivers on the strategic vision outlined in the two companies' memorandum of understanding announced in August 2025, and marks RLUSD's entry into one of the world's most sophisticated digital asset markets. Notably, the initial JFSA-approved deployment runs entirely on the Ethereum blockchain rather than Ripple's native XRP Ledger, reflecting where the vast majority of institutional dollar stablecoin volume sits globally in mid-2026.

Since its launch in late 2024, RLUSD has reached approximately $1.7 billion in market capitalisation, driven by increasing demand for regulated, enterprise-ready digital assets. The token is issued through a trust company chartered by the New York State Department of Financial Services, with each token backed 1:1 by reserves that include cash and US Treasuries.

Japan's Broader Stablecoin Push

The RLUSD launch arrives as Japan's financial establishment moves aggressively into digital payments. Japan's three megabank lenders, MUFG Bank, Sumitomo Mitsui Banking Corp., and Mizuho Bank, have announced plans to jointly issue a stablecoin linked to the yen and potentially the US dollar within the current fiscal year, and have established a council to work through operational frameworks. The three banks have been conducting pilot tests with support from the JFSA since November 2025.

Japan also reshaped its broader stablecoin rules in June 2026, with a new framework taking effect on June 1 that lets qualifying foreign stablecoins operate as regulated payment tools. That regulatory clarity is increasingly positioning Japan as a key hub for compliant stablecoin activity in Asia, with both foreign issuers and domestic banking giants moving to establish a foothold.

Sources:
Ripple Official Press Release: Ripple and SBI Group Partner to Launch Ripple USD in Japan
Yahoo Finance: Japan's Largest Banks Plan Joint Stablecoin Launch by March 2027
Crypto Briefing: Ripple's RLUSD Stablecoin Launches in Japan After Regulatory Approval