Ripple and SBI Holdings jointly announced on June 25 that the RLUSD stablecoin has officially launched in Japan and received regulatory approval from the Japan Financial Services Agency (JFSA). It is available to institutional and retail users via the VCTRADE platform under SBI VC Trade. Under Japan's Payment Services Act, RLUSD is officially classified as a "new type of electronic payment instrument."
RLUSD Approved by Japan's Financial Services Agency, Classified as New Electronic Payment Instrument Under Payment Services Act
Following approval from the Japan Financial Services Agency (JFSA), RLUSD has been officially classified as a "new type of electronic payment instrument" under Japan's Payment Services Act, applicable to foreign-issued stablecoins that meet the security and regulatory standards stipulated by Japanese law. SBI VC Trade, a licensed electronic payment instrument service provider in Japan, offers RLUSD to both institutional and retail users through its VCTRADE platform.
Ripple Senior Vice President of Stablecoins Jack McDonald stated: "This launch marks an important step in promoting transparent, regulated dollar-backed stablecoins among Japanese financial institutions, consumers, and businesses. RLUSD will serve as a bridge for payments, tokenization, and collateral management, connecting Japanese enterprises and individuals with global liquidity more efficiently."
RLUSD's Market Cap Reaches $1.7 Billion Since Launch at End of 2024
RLUSD is a dollar-backed enterprise-grade stablecoin designed with trust, liquidity, and compliance as core principles. Since its launch at the end of 2024, its market cap has reached $1.7 billion. Ripple attributes this growth to sustained market demand for regulated, enterprise-grade digital assets. RLUSD is currently deployed across multiple global markets, supporting faster settlement speeds, greater transparency, and more efficient cross-border liquidity.
The official announcement also stated that RLUSD is being explored for next-generation applications, including programmable transaction settlement and supply chain finance.
Ripple and SBI Cooperation Dates Back to 2016, Signed MOU in 2025
The partnership between Ripple and the SBI Group began in 2016. The two parties have collaborated for nearly a decade on digital assets and blockchain financial infrastructure in Japan and the Asia-Pacific region, jointly driving innovation in cross-border payments and digital asset applications. In August 2025, they signed a preliminary Memorandum of Understanding (MOU). The official launch of RLUSD on the SBI VC Trade platform now realizes the strategic vision outlined in the MOU. SBI VC Trade CEO Tomohiko Kondo stated: "The launch of RLUSD is a significant milestone in our continued cooperation and efforts to drive digital financial innovation."
Frequently Asked Questions
Under which law did RLUSD receive regulatory approval in Japan?
RLUSD has obtained approval from the Japan Financial Services Agency (JFSA) and is officially classified as a "new type of electronic payment instrument" under Japan's Payment Services Act. This classification applies to foreign-issued stablecoins that meet the security and regulatory standards stipulated by Japanese law, enabling RLUSD to legally offer services to institutional and retail users via SBI VC Trade's VCTRADE platform.
What is the current market cap of RLUSD, and in which markets is it deployed?
Since its launch at the end of 2024, RLUSD's market cap has reached $1.7 billion, and it is currently deployed across multiple global markets to support cross-border settlement and liquidity management. Ripple attributes the market cap growth to increasing demand for regulated, enterprise-grade digital assets.
When did the partnership between Ripple and SBI Holdings begin?
The partnership between Ripple and the SBI Group dates back to 2016, with the two parties collaborating for nearly a decade on digital assets and blockchain financial infrastructure in Japan and the Asia-Pacific region. They signed a strategic Memorandum of Understanding (MOU) in August 2025, and the official launch of RLUSD in Japan realizes the strategic vision of the MOU.
