Ripple has successfully launched its dollar-backed stablecoin Ripple USD (RLUSD) in Japan through a partnership with SBI Group, following approval from the country's Financial Services Agency (JFSA). According to reports from Ripple, customers can now access RLUSD through SBI VC Trade's VCTRADE platform, opening the regulated token to both institutional and retail users in Japan. The launch fulfills a memorandum of understanding signed in August 2025 and builds on a partnership that dates back to 2016 between the two companies.
The launch comes as Japan reshaped its stablecoin rules this month, with new framework taking effect on June 1 that allows qualifying foreign stablecoins to operate as regulated payment tools. As reported by Ripple, under the new rules, foreign-issued stablecoins are classified as electronic payment instruments under the Payment Services Act, with RLUSD also categorized as a new type of instrument under the Act. This regulatory clarity provides a clear pathway for stablecoin adoption in Japan's financial market.
Ripple's Senior Vice President of Stablecoins, Jack McDonald, emphasized that RLUSD will act as a bridge for payments, tokenization, and collateral management, framing it as a link between Japanese businesses and global liquidity. According to Ripple, McDonald noted that Japan has long been a leader in digital asset adoption, underpinned by both regulatory clarity and financial innovation. The launch represents an important step in expanding access to transparent, regulated USD-backed stablecoins for financial institutions, consumers, and businesses in Japan.
The stablecoin has experienced mixed performance since its launch, with its market cap hitting an all-time high of $1.8 billion in early June before cooling to approximately $1.59 billion, according to DeFiLlama data. Despite the recent decline, the market cap remains up roughly 271% over the past year. The Japan entry follows RLUSD's global expansion into other regulated markets, with the coming months expected to show whether RLUSD can challenge incumbents in Japan's regulated stablecoin market.
