Ripple's RLUSD Stablecoin Formally Begins Trading in Japan After Regulatory Approval

RLUSD is a US dollar stablecoin launched by Ripple in December 2024. It is issued by Standard Custody & Trust, which is regulated by the New York State Department of Financial Services, and is backed one-to-one by reserves including cash and US Treasuries. Its entry into Japan shows that foreign-issued stablecoins can circulate there in compliance with the Payment Services Act. It also extends Ripple and SBI's cross-border payments partnership, launched in 2016, into the retail market.

After Japan's Financial Services Agency approved RLUSD as an electronic payment instrument, SBI VC Trade formally opened trading to institutional and retail users on VCTRADE following system maintenance on June 24, 2026. Deposit and withdrawal fees were both set at zero. RLUSD had about $1.7 billion in circulation at the time, still far below USDT and USDC. Its competitiveness will depend on whether it can expand trading volume, liquidity and use in cross-border payments.