- Ripple and SBI Holdings set to roll out RLUSD stablecoin in Japan by early 2026.
- RLUSD will use SBI VC Trade’s license to ensure full compliance and transparency.
- Japan’s stablecoin rules give RLUSD a strong edge over USDC and USDT rivals.
Ripple has announced a partnership with SBI Holdings to launch its Ripple USD (RLUSD) stablecoin in Japan. The two firms aim to introduce RLUSD to the Japanese market by the first quarter of 2026, leveraging SBI VC Trade’s infrastructure. SBI VC Trade, a licensed Electronic Payment Instruments Exchange Service Provider, will distribute RLUSD in compliance with Japan’s updated regulatory framework.
The partnership aligns with Japan’s Payment Services Act, amended in 2023, which allows only licensed entities to handle fiat-pegged stablecoins. SBI VC Trade was the first in Japan to secure this license, enabling it to manage foreign-issued stablecoins, such as RLUSD. This positions Ripple to enter Japan through an approved and compliant channel.
Regulatory Framework and Market Readiness
Japan has established a structured and progressive regulatory environment for stablecoins. The initial version of the stablecoin framework was passed by the Japanese parliament in 2022. Further refinements followed in 2023, with new amendments scheduled for 2026, including changes in reserve requirements and licensing tiers.
This legal support has brought Japan into the spotlight of international stablecoin issuers. The introduction of RLUSD in Japan follows Circle’s approval for USDC, although Tether has not yet received approval in Japan. The entry of Ripple is a major step forward in this regulated arena.
RLUSD: Features and Institutional Focus
Launched in December 2024, RLUSD is a U.S. dollar-pegged stablecoin backed 1:1 by reserves. Such reserves consist of cash along with short-term government bonds of the United States and other cash equivalents.
As of August 2025, the market capitalization of RLUSD is around 666 million, and the daily trading volume of RLUSD is 77.8 million. The emphasis Ripple is putting on regulators and enhancing institutional adherence and visibility is likely to be of interest to Japanese regulators and financial institutions.
Ripple and SBI’s Strategic Collaboration
Ripple and SBI Holdings have maintained a long-standing partnership in blockchain and digital assets. The new memorandum of understanding formalizes their plan to distribute RLUSD through SBI VC Trade. According to SBI VC Trade CEO Tomohiko Kondo, the move will enhance the reliability and usability of stablecoins in Japan.
In the opinion of the Senior Vice President of Stablecoins at Ripple, Jack McDonald, the partnership involves the importance of creating an untainted and compliant future of finance. The aim is to combine traditional and decentralized finance through the instrument of the RLUSD, which will be a secure and open asset. This collaboration will promote enterprise integrations of digital assets in retail and institutional investment.
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Competing in the Asian Stablecoin ecosystem
Japan’s approval framework provides Ripple with a competitive edge in Asia. RLUSD’s compliance focus may differentiate it from other stablecoins, especially in a market where regulatory approval is critical. The RLUSD launch makes Ripple compete with such coins as USDC and USDT.
Ripple intends to focus on local partnerships and use-case development in the areas of payment and enterprise finance to drive the adoption. The project is an extension of a larger trend to incorporate the blockchain into global financial systems. As the Japanese marketplace becomes open to international issuers, the decision by Ripple to offer its tokens to the regulated asset space highlights the institutional appetite for regulated digital assets.
