Ripple and SBI Push RLUSD Stablecoin Into Japan’s $300B Market

When Ripple first announced plans to enter the stablecoin market earlier this year, many wondered where its enterprise-focused coin would land first. Now, that question has been answered: Japan. Ripple and long-time partner SBI Holdings have signed a memorandum of understanding to distribute Ripple USD (RLUSD) through SBI VC Trade, one of Japan’s licensed Electronic Payment Instruments Exchange Service Providers.

Why Japan Matters

Japan has become a critical proving ground for new crypto and blockchain applications. It is one of the few countries with a clear licensing framework for stablecoins, giving firms like SBI VC Trade a head start in bringing products to market. By positioning RLUSD here, Ripple gains a regulatory-friendly entry point into Asia, while SBI strengthens its reputation as the first Japanese firm to actively handle stablecoins under official licensing.

“Introducing RLUSD is not just about expanding choice. It’s a major step forward for reliability and convenience in the Japanese market and a key milestone in the convergence of finance and digital technology,”  said Tomohiko Kondo, CEO of SBI VC Trade. 

Building Trust in Stablecoins

The global stablecoin market is already valued at nearly $300 billion and could reach trillions in the coming years. But not all coins are equal. Ripple positions RLUSD as an institutional-grade asset. The company fully backs RLUSD with U.S. dollar deposits, short-term government bonds, and cash equivalents. Independent third-party accountants provide attestations to reassure regulators and financial institutions that RLUSD is not another “trust me” coin.

Jack McDonald, Ripple’s Senior Vice President of Stablecoins, framed the partnership as a broader vision: “Our work with SBI has always been about building a trusted and compliant financial future. RLUSD is designed as an industry standard, a bridge between traditional finance and DeFi. We believe Japan will help set the benchmark for how stablecoins should work.”

What Comes Next

The rollout of RLUSD in Japan is targeted for the first quarter of 2026, with SBI VC Trade leading distribution. For Ripple, this marks not only an expansion of its product portfolio beyond payments and custody, but also a chance to directly compete with giants like USDT and USDC in Asia. 

Japan’s stablecoin rules, paired with the credibility of Ripple and the deep reach of SBI’s financial network, create a powerful stage for RLUSD. If adoption takes off, the partnership could turn Japan into a global showcase for how compliant stablecoins can scale.

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