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 is now available in Japan via SBI VC Trade, supporting institutional and retail clients.
- The XRP Ledger now holds a larger supply of RLUSD than Ethereum, with approximately $801.79 million on XRPL.
- This launch expands Ripple's partnership with SBI Holdings, which began in 2016.
Ripple's RLUSD stablecoin has received approval from Japan's Financial Services Agency to operate as an electronic payment instrument under the country's Payment Services Act. This regulatory milestone allows RLUSD to be offered to both institutional and retail clients in Japan through the SBI VC Trade platform. The launch signifies an expansion of Ripple's partnership with SBI Holdings, which dates back to 2016, and aims to facilitate cross-border payments, tokenization, and collateral management. Notably, the circulating supply of RLUSD on the XRP Ledger has now surpassed its supply on Ethereum, reaching approximately $801.79 million on XRPL compared to $795.59 million on Ethereum. This shift is seen by some as a significant development for XRP Ledger adoption among major financial platforms, as institutions seeking access to RLUSD may also integrate XRPL infrastructure. Ripple's Senior Vice President of Stablecoins, Jack McDonald, highlighted the launch as an important step in expanding access to regulated USD-backed stablecoins in Japan.