Ripple's dollar-backed RLUSD stablecoin has gone live in Japan through SBI VC Trade, gaining access to one of Asia's most regulated crypto markets. The launch follows formal regulatory approval, though specific price or market cap data for RLUSD was not disclosed in the source material.
SBI VC Trade, the Japanese exchange arm of financial conglomerate SBI Holdings, will host the stablecoin as part of Ripple's broader push into cross-border payments and liquidity services. The move adds a key Asian jurisdiction to RLUSD's distribution network, which has expanded across select global platforms.
Japan's Financial Services Agency has maintained a strict licensing regime for digital assets, requiring stablecoin issuers to comply with local custody and reserve rules. The approval signals growing institutional acceptance of dollar-pegged tokens in jurisdictions with clear regulatory frameworks.
RLUSD enters a Japanese stablecoin market that has been cautious but opening, with major banks exploring similar products. Ripple's partnership with SBI, a long-time collaborator, provides a distribution advantage that could accelerate adoption among domestic institutions and retail users.
Ripple continues to face regulatory challenges in the U.S., where its legal battle with the SEC over XRP's classification remains unresolved. The Japan launch offers a buffer against domestic uncertainty, though global stablecoin competition from Circle's USDC and Tether's USDT remains intense.