Key facts
- Ripple's RLUSD stablecoin has been approved by Japan's Financial Services Agency.
- The approval designates RLUSD as an electronic payment instrument under the Payment Services Act.
- RLUSD will be accessible to both institutional and retail clients in Japan via SBI VC Trade's VCTRADE platform.
- This launch builds on Ripple's existing partnership with SBI, dating back to 2016.
- RLUSD aims to facilitate payments, tokenization, and collateral management for Japanese businesses.
Ripple's dollar-backed stablecoin, RLUSD, has officially launched in Japan following approval from the country's Financial Services Agency (FSA). The FSA has categorized RLUSD as a new type of electronic payment instrument under the Payment Services Act, making it available to both institutional and retail customers through SBI VC Trade's VCTRADE platform. This move signifies a significant regulatory step for Ripple in one of Asia's most tightly regulated crypto markets. RLUSD aims to act as a bridge for payments, tokenization, and collateral management, connecting Japanese businesses with global dollar liquidity. The launch deepens Ripple's long-standing partnership with SBI, which began in 2016. Despite this regulatory milestone, RLUSD remains considerably smaller than market leaders Tether (USDT) and Circle (USDC), holding approximately $1.7 billion in market value compared to USDT's $186 billion and USDC's $74 billion. The success of RLUSD will depend on its ability to translate regulatory credentials into substantial trading volume and liquidity.