Japan Financial Services Agency Approves Ripple's RLUSD for Retail and Institutional Users

Japan's Financial Services Agency has approved Ripple's RLUSD stablecoin for launch in Japan, making it available to both retail and institutional users through SBI VC Trade's VCTRADE platform. RLUSD, a U.S. dollar-backed stablecoin, is now classified as an electronic payment instrument under Japan's Payment Services Act.

The approval follows a memorandum of understanding signed by Ripple and SBI in August 2025. According to Jack McDonald, Ripple's senior vice president of stablecoins, the launch "marks an important step in expanding access to transparent, regulated USD-backed stablecoins like RLUSD for financial institutions, consumers, and businesses in Japan." RLUSD maintains a one-to-one peg with the U.S. dollar and is backed by U.S. dollar deposits, short-term U.S. government bonds, and cash equivalents. The token currently has a market capitalization of approximately $1.7 billion.