Ripple's RLUSD Begins Circulation in Japan After Financial Services Agency Approval... Supplying via SBI Platform

Ripple's dollar stablecoin RLUSD has begun services in Japan following approval from the Financial Services Agency. On June 26, blockchain media The Defiant reported that Ripple and SBI Holdings announced they will supply RLUSD to institutional and individual users through SBI VC Trade's VCTRADE platform on June 24. RLUSD is one of the early cases classified as an electronic payment method for foreign-issued stablecoins under Japan's revised Funds Payment Act. The Japanese Financial Services Agency applied a regulatory classification treating foreign-issued stablecoins as a separate asset category. Ripple's Chief Vice President of Stablecoins, Jack McDonald, noted Japan's leadership in introducing digital assets through regulatory clarity and financial innovation. Ripple stated RLUSD has achieved a circulation volume of approximately $1.7 billion since its launch in late 2024. SBI Group invested in Ripple in 2016, and their collaboration already applies to cross-border remittance services via SBI Remit. Japan's stablecoin competition is intensifying, with Circle and Nomu planning to launch USDC-based digital asset payments and corporate payment services in Japan starting 2027. Targets include supplier payments, cross-border subsidiary transfers, and foreign exchange settlements, aiming to reduce current transfer times of 2-3 business days. Japan's top three banks—MUFG, SMBC, and Mizuho—plan to jointly issue yen-based stablecoins by the end of the fiscal year. Infrastructure for dollar-based and yen-based stablecoins is being developed simultaneously.