Ripple‑SBI: RLUSD Stablecoin Coming to Japan in 2026
Ripple and SBI Holdings have signed a memorandum of understanding to bring Ripple’s enterprise-grade stablecoin, RLUSD, to Japan via SBI VC Trade, with a target launch in the first quarter of 2026. The agreement names SBI VC Trade — a licensed Electronic Payment Instruments Exchange Service Provider — as the distribution partner, marking a major step in Ripple’s expansion across the Asian market.
RLUSD is structured as an institutional-grade stablecoin backed by high-quality reserves, including U.S. dollar deposits and short-term government bonds. The arrangement will be managed through Standard Custody & Trust Company, the specific subsidiary handling custody and operational oversight. Ripple frames RLUSD as a cornerstone product for its push into Real World Assets (RWA), aiming to bridge traditional finance and blockchain-enabled liquidity.
SBI VC Trade has prior experience with regulated stablecoin activity in Japan. In March 2025 the exchange secured regulatory approval to distribute USDC and completed Electronic Payment Instruments Exchange Service Provider registration with Japan’s Financial Services Agency. USDC launched on SBI VC Trade on March 26, 2025, becoming the first officially approved stablecoin in Japan’s regulated market — a foundation Ripple’s RLUSD entry will build upon.
Market context underscores the opportunity: Circle’s USDC reached $1 trillion in monthly trading volume by November 2024 and recorded 78% year-over-year circulation growth, signaling robust demand for regulated stablecoins. Japan’s SBI Group also holds the distinction of being the country’s first company to obtain the Electronic Payment Instrument Exchange Service Provider license, positioning the partnership to move quickly within the local regulatory framework.
The collaboration could broaden stablecoin options for Japanese users and institutions and support on- and off-ramps for Bitcoin, Ethereum, DeFi protocols, and broader crypto adoption — though rollout will remain subject to regulatory review and market integration challenges.
Observers should watch key areas as the project progresses:
- Licensing progress and further regulatory reviews in Japan
- Custody arrangements managed by Standard Custody & Trust Company
- Which exchanges, wallets and DeFi platforms integrate RLUSD after the planned Q1 2026 debut
The agreement between Ripple and SBI VC Trade leverages prior regulatory groundwork and market demand to position RLUSD as a significant entrant in Japan’s regulated stablecoin landscape, subject to the usual regulatory and integration milestones ahead of the targeted launch.
