Ripple Launches RLUSD in Japan
Ripple launches RLUSD in Japan as the first foreign stablecoin approved by the country's financial regulator.
Ripple has officially launched its RLUSD stablecoin in Japan, becoming the first foreign-issued stablecoin to receive approval from the country's financial regulator. The U.S. dollar-backed token is now available through SBI VC Trade's VCTRADE platform, allowing both retail and institutional users to access the digital asset.
RLUSD has been approved under Japan's newly introduced Electronic Payment Instrument (EPI) framework, a regulatory category designed specifically for foreign stablecoins. To qualify, Ripple had to demonstrate that RLUSD complies with Japan's strict standards for reserve backing and investor protection, matching the regulatory requirements in its home jurisdiction. This marks the first time a foreign stablecoin has successfully met these conditions.
The launch is the result of Ripple's long-standing partnership with SBI Group, which dates back to 2016. The companies signed an agreement to introduce RLUSD to the Japanese market in August 2025, with the approval process taking approximately ten months to complete.
Ripple and SBI plan to focus primarily on enterprise use cases. RLUSD is expected to streamline cross-border settlements, collateral management, and supply chain financing. According to Jack McDonald, Ripple's Senior Vice President of Stablecoins, the project is designed to give Japanese businesses and financial institutions easier access to global liquidity.
Since its debut in 2024, RLUSD has grown to a market capitalization of approximately $1.7 billion. Ripple says the stablecoin's expansion has been driven mainly by increasing institutional adoption rather than short-term speculative trading.
RLUSD's entry into Japan represents more than just another market expansion for Ripple. It is the first real-world test of Japan's new regulatory framework for foreign stablecoins, demonstrating how international issuers can operate within one of the world's most tightly regulated financial markets. If RLUSD proves successful, it could pave the way for other foreign stablecoin projects seeking approval in Japan.
