Ripple has launched its USD stablecoin, RLUSD, in the Japanese market. Following approval from Japan’s Financial Services Agency, the product is now available to both institutional and retail users via SBI VC Trade’s VCTRADE platform, signaling a shift from strategic partnerships to tangible execution in its Asian expansion.
The Japanese market is now officially open.
This launch follows the collaboration agreement announced by Ripple and the SBI Group in August 2025. Both parties stated that RLUSD will subsequently be used for cross-border payments, asset tokenization, and collateral management. Japan’s well-defined regulatory framework for digital assets was also a key reason Ripple chose to prioritize its deployment here.
Ripple and SBI have been collaborating since 2016, focusing on blockchain applications in Japan and the Asia-Pacific region. With the launch of RLUSD, their partnership is expanding from payment networks to more specific on-chain financial use cases.
Approved under Japanese regulations
According to the article, RLUSD has been approved in Japan as a Category 4 electronic payment instrument. Ripple states that this stablecoin is 1:1 backed by U.S. dollar deposits, U.S. Treasury securities, and cash equivalents, with reserve attestations provided monthly by a third party.
SBI VC Trade will also offer free deposits and withdrawals for RLUSD. Previously, the platform launched USDC, making RLUSD its second supported USD stablecoin.
- Open to both institutional and retail users
- Reserve assets include U.S. dollar deposits and U.S. Treasury securities.
- The platform offers free deposits and withdrawals.
XRPL's circulating supply is approaching that of Ethereum
In addition to its launch in Japan, the market is also monitoring the distribution of RLUSD across different blockchains. XRPL community members Vet and Bill Morgan noted that the circulating supply of RLUSD on XRPL is nearing that on Ethereum.
According to the data in the article, approximately $792 million in RLUSD exists on XRPL, while about $793 million is on Ethereum. The article notes that some analysts interpret this as Ripple gradually shifting the growth focus of RLUSD to XRPL to strengthen its positioning in fast payments and efficient value transfer.
Since its launch at the end of 2024, the market capitalization of RLUSD has grown to approximately $1.7 billion. As the Japanese market opens, Ripple continues to advance RLUSD into regulated cross-border financial and on-chain payment systems.