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Ripple’s dollar-backed stablecoin RLUSD is now available in Japan after securing approval from the country’s Financial Services Agency (JFSA). SBI VC Trade has started distributing the stablecoin through its VCTRADE platform to both retail and institutional users.
The launch marks the first entry of a foreign-issued stablecoin under Japan’s new regulatory category designed specifically for such assets. Japan introduced the framework through its Electronic Payment Instrument (EPI) classification under the Payment Services Act (PSA).
RLUSD gained access after Ripple satisfied Japan’s functional equivalence requirements. The company had to show that RLUSD operates under rules in its home jurisdiction that match Japan’s standards for reserve backing and user protection. The approval opens access to one of the world’s largest digital asset markets. At the same time, it creates a pathway that other foreign stablecoin issuers may seek to follow.
Japan has historically maintained strict rules for foreign stablecoins. As a result, RLUSD became the first stablecoin to enter through the newly established EPI framework. The approval process focused on regulatory alignment rather than direct acceptance. Ripple needed to demonstrate that RLUSD met standards comparable to those required within Japan.
That achievement gives RLUSD an early position in a market that foreign stablecoin issuers have found difficult to access. It also provides an initial test case for Japan’s new regulatory structure. What could RLUSD’s performance reveal about Japan’s approach to foreign stablecoins in the years ahead?
Meanwhile, the launch builds on a long-standing relationship between Ripple and SBI Group. The two companies have worked together since 2016 across several digital asset initiatives.
Ripple did not enter the Japanese market without local support. Instead, the company relied on its decade-long partnership with SBI Group to establish the launch. SBI VC Trade operates as a licensed Electronic Payment Instruments Exchange Service Provider. Therefore, RLUSD entered the market through a fully regulated distribution channel from the first day of availability.
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The rollout followed a structured timeline. Ripple and SBI announced a memorandum of understanding for the project in August 2025. Nearly ten months later, the stablecoin became available to users in Japan. The timeline reflected the compliance work required to satisfy regulatory obligations.
Jack McDonald, Ripple’s Senior Vice President of Stablecoins, said RLUSD will support payments, tokenization, and collateral management while connecting Japanese users to global liquidity For the initial phase, RLUSD in Japan operates on the Ethereum network rather than the XRP Ledger.
Ripple and SBI have positioned RLUSD as infrastructure for financial services rather than a speculative asset. The companies identified several business-focused applications for the stablecoin.
One use case involves programmable trade settlement. Businesses can automate complex payment processes through blockchain-based workflows. Another focuses on collateral management. Institutions can use RLUSD as a liquid asset for settlement and margin-related activities.
The companies also pointed to supply chain finance. RLUSD can support faster and more transparent payments across trade networks. Tomohiko Kondo, Chief Executive Officer of SBI VC Trade, described the launch as a major milestone in the companies’ ongoing collaboration and digital finance initiatives.
The Japan expansion comes as RLUSD continues to grow. Since launch, the stablecoin has reached roughly $1.7 billion in market capitalization. Its growth pattern has followed steady increases rather than sharp speculative surges. Recent data shows a modest pullback from peak levels, yet the broader trend reflects continued expansion.
The Japan rollout now places RLUSD inside one of the most tightly regulated digital asset markets, where its performance will help shape expectations for future foreign stablecoin entrants.
Ripple RLUSD has become the first foreign-issued stablecoin approved for distribution in Japan under the country's new regulatory framework. Through SBI VC Trade, RLUSD now enters a tightly regulated market, supporting payments, collateral management, and trade settlement while expanding Ripple’s global stablecoin footprint.
