Ripple RLUSD Goes Live in Japan After JFSA Approval

• RLUSD launches in Japan after receiving approval from the JFSA.
• SBI VC Trade offers regulated stablecoin access for all eligible users.
• XRPL supply is nearing Ethereum as Ripple expands RLUSD adoption.

Ripple has officially completed the RLUSD Japan launch, bringing its regulated U.S. dollar-backed stablecoin to one of Asia’s most advanced digital asset markets. Following approval from Japan’s Financial Services Agency (JFSA), both institutional and retail customers can now access RLUSD through SBI VC Trade’s VCTRADE platform. The rollout represents another milestone in Ripple’s long-running partnership with SBI Group while expanding regulated stablecoin availability across Japan.

RLUSD Japan Approval Strengthens Ripple and SBI Partnership

The RLUSD Japan rollout builds on nearly a decade of cooperation between Ripple and SBI, which have worked together since 2016 to promote blockchain technology across Japan and the Asia-Pacific region.

According to Ripple Managing Director Reece Merrick, the launch delivers trusted and regulated USD-backed stablecoin access to Japanese institutions, businesses, and consumers. Jack McDonald, Ripple’s Senior Vice President of Stablecoins, also highlighted Japan’s leadership in digital asset regulation and financial innovation.

Under Japan’s Payment Services Act, RLUSD has been approved as a Type 4 Electronic Payment Instrument. The Ripple stablecoin is fully backed one-to-one by U.S. dollar deposits, Treasury securities, and cash equivalents. Independent third-party reserve attestations are conducted monthly to enhance transparency.

SBI VC Trade will also allow free RLUSD deposits and withdrawals, making it only the second U.S. dollar stablecoin available on the exchange after USDC.

RLUSD Japan Growth Reflects Ripple Stablecoin Strategy

The RLUSD Japan expansion comes as Ripple continues growing its stablecoin ecosystem globally. Since its launch in late 2024, RLUSD has achieved an estimated market capitalisation of approximately $1.7 billion.

Community data also suggests that the stablecoin’s circulating supply on the XRP Ledger is rapidly approaching that of Ethereum. Current estimates place roughly $792 million of RLUSD on XRPL compared with approximately $793 million on Ethereum. 

Ripple plans to support cross-border payments, collateral management, and tokenization through its collaboration with SBI. Company executives describe the initiative as another step toward building a regulated global financial infrastructure while expanding blockchain adoption throughout Japan.