Ripple and Japan’s SBI Holdings have officially introduced RLUSD to the Japanese market after receiving regulatory approval from the Financial Services Agency.

The stablecoin, backed by US dollar reserves, has been classified as a foreign-issued electronic payment instrument under Japan’s regulatory framework.

Distribution is handled through SBI VC Trade, a subsidiary of SBI Holdings, which has been one of Ripple’s closest strategic partners for years.

The launch represents a key milestone in Ripple’s efforts to expand the international reach of RLUSD, which debuted in late 2024 and has since grown to a market capitalization of roughly $1.7 billion. Company executives said Japan’s regulatory clarity and advanced digital-asset ecosystem made it a strategic market for the stablecoin.

Ripple and SBI expect RLUSD to play a role in cross-border payments, tokenized financial products and liquidity management, areas where stablecoins are increasingly gaining traction among financial institutions.

The rollout also underscores the strength of the partnership between Ripple and SBI, which have collaborated since 2016 on blockchain-based financial infrastructure across Japan and the broader Asia-Pacific region.

Why Japan matters for Ripple

SBI Holdings has been one of Ripple’s most prominent institutional backers globally. The two firms have collaborated on cross-border payments, digital asset custody, and now stablecoin distribution. SBI VC Trade was already licensed to distribute USDC in Japan, meaning the infrastructure for handling dollar-denominated stablecoins was already in place before RLUSD arrived.