Ripple’s $1.6 Billion RLUSD Stablecoin Launches in Japan Following JFSA Approval ⋆ ZyCrypto

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Ripple has officially introduced its U.S. dollar-backed stablecoin RLUSD to the Japanese market after securing regulatory approval from the Japan Financial Services Agency (JFSA), marking a significant step in the company’s global expansion strategy.

The launch, announced jointly by Ripple and financial giant SBI Group on Wednesday, makes RLUSD available to both institutional and retail customers through SBI VC Trade, one of Japan’s leading regulated digital asset platforms.

RLUSD’s entry into Japan comes after receiving approval under the country’s Payment Services Act, which established a framework for foreign-issued stablecoins meeting stringent consumer protection and reserve requirements.

SBI VC Trade said RLUSD will be offered as a Category 4 electronic payment instrument, making it the first stablecoin of its kind to be introduced under the classification in Japan.

The launch expands the number of regulated U.S. dollar-pegged stablecoins available in the country. Until now, USD Coin (USDC), introduced in 2025, had been the primary regulated dollar-backed stablecoin accessible to Japanese users.

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“Japan has long been a leader in digital asset adoption, underpinned by both regulatory clarity and financial innovation,” said Jack McDonald, Senior Vice President of Stablecoins at Ripple.

McDonald added that RLUSD is expected to act as “a bridge for payments, tokenization, and collateral management,” helping businesses and consumers connect more efficiently with global liquidity networks.

Notably, RLUSD is issued by Standard Custody & Trust Company, a New York-regulated trust company and wholly owned Ripple subsidiary. The stablecoin is backed by highly liquid reserves, including U.S. dollars and short-term U.S. Treasury securities.

Ripple said reserve assets are held separately from company operating funds and undergo regular third-party verification, reinforcing the stablecoin’s compliance-focused design.

Since launching in late 2024, RLUSD has grown rapidly, reaching a market capitalization of approximately $1.6 billion as demand for regulated digital dollars continues to rise among financial institutions.

According to Ripple, RLUSD is already being used across multiple jurisdictions to facilitate faster settlements, improve transparency, and streamline cross-border liquidity management.

The company is also exploring future applications involving programmable trade settlements, collateral management, and supply chain finance.

The Japanese rollout arrives just after Ripple announced on Tuesday preliminary approval for a Crypto Asset Service Provider (CASP) license in Luxembourg under the European Union’s Markets in Crypto-Assets (MiCA) framework.

Once fully approved, the authorization will enable Ripple to provide regulated crypto and stablecoin services throughout all 30 countries in the European Economic Area.

That said, Ripple now holds more than 75 regulatory licenses worldwide, underscoring its strategy of expanding through compliance and regulatory engagement.

Meanwhile, the RLUSD launch also comes as SBI continues to aggressively expand its digital asset business.

On Thursday, SBI Holdings announced plans to acquire Japanese crypto exchange Bitbank for 46.7 billion yen ($288 million). The acquisition would create Japan’s largest crypto exchange group by assets under management, with the combined entity expected to oversee roughly 1.1 trillion yen ($6.8 billion) in customer assets across nearly 2.92 million accounts.

The acquisition is expected to strengthen SBI’s ambitions in stablecoins, on-chain finance, and broader digital asset services.

Despite the positive regulatory and adoption developments surrounding RLUSD, XRP failed to benefit from the news.

XRP continued to decline alongside the broader cryptocurrency market downturn, trading at $1.05 at press time, up 1.19% over the previous 24 hours.

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