Ripple Launches RLUSD in Japan After FSA Grants Approval

TLDR

• Ripple launched RLUSD in Japan on June 25, 2026, after approval from the Financial Services Agency.
• SBI VC Trade, a subsidiary of SBI Holdings, is handling RLUSD distribution in Japan.
• Ripple and SBI signed an MoU on August 22, 2025, to prepare for the stablecoin rollout.
• Japan’s revised Payment Services Act took effect on June 1, 2026, allowing approved foreign stablecoins.
• RLUSD is backed 1:1 by cash and U.S. Treasuries through a New York-regulated trust structure.

Ripple has launched RLUSD in Japan after approval from the Financial Services Agency. The dollar-backed stablecoin went live on June 25, 2026, through SBI VC Trade. The launch gives Ripple a regulated route into one of Asia’s crypto markets.

RLUSD Enters Japan Through SBI VC Trade

SBI VC Trade handles the token’s distribution in Japan under the approved framework. The platform operates as a subsidiary of SBI Holdings, one of Ripple’s longest-standing partners.

Ripple and SBI signed a memorandum of understanding on August 22, 2025. That agreement started the regulatory and operational work behind the launch.

SBI VC Trade started initial RLUSD distribution on March 31, 2026. The public launch followed nearly three months later after Japan completed the rule update.

Japan’s revised Payment Services Act took effect on June 1, 2026. The update classifies qualifying foreign-issued stablecoins as “electronic payment instruments.”

The law allows overseas trust-backed stablecoins to operate as payment tools. However, issuers must meet reserve, custody, and oversight conditions.

Japan first revised its stablecoin rules from 2023. Since then, regulators have built a legal path for bank-backed and trust-backed tokens.

RLUSD fits that framework through SBI VC Trade’s licensed distribution role. The approval also places the token inside Japan’s regulated digital payments market.

Ripple Uses NYDFS Trust Structure for RLUSD

RLUSD uses a trust company chartered by the New York State Department of Financial Services. Ripple backs each token 1:1 with reserves.

Those reserves include cash and short-term U.S. Treasuries. Therefore, the token keeps a $1 target through assets held for redemption.

The structure links New York issuance oversight with Japanese distribution approval. As a result, RLUSD enters Japan with two regulatory layers.

SBI Holdings has worked with Ripple across payments and digital asset services. The companies also developed projects involving cross-border settlement and custody.

SBI VC Trade already supported USDC distribution in Japan before RLUSD. That existing setup helped the platform manage dollar-backed stablecoin operations.

RLUSD now joins USDC on SBI VC Trade’s stablecoin lineup. Circle also uses the platform for Japanese distribution under local rules.

The launch places Ripple’s token in direct competition with other dollar-backed stablecoins. Japan’s framework now permits approved foreign stablecoins to serve payment use cases.

Ripple announced the Japan launch after the FSA approval process ended. SBI VC Trade remained the named distributor for RLUSD as of June 25, 2026.

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