Markets Ripple's RLUSD stablecoin launches in Japan following regulatory approval.
Japan's financial authority has designated the U.S. dollar-pegged token as a new form of payment instrument, allowing SBI VC Trade to provide it to both institutions and retail customers. Currently, RLUSD's market cap is approximately $1.7 billion.
By Shaurya Malwa Jun 25, 2026, 5:02 a.m. 2 min read
Ripple's stablecoin RLUSD, which is backed by the U.S. dollar, has received approval from Japan's financial regulator, granting it entry into one of Asia's most regulated cryptocurrency markets.
The Japan Financial Services Agency has classified RLUSD as a new type of electronic payment instrument per the country’s Payment Services Act, which is tailored for foreign-issued stablecoins that comply with Japanese regulations.
This stablecoin is designed to maintain a stable value, pegged to the U.S. dollar. It will be accessible to both institutional and retail clients through SBI VC Trade, the digital asset division of the Japanese financial group SBI, utilizing its VCTRADE platform.
Japan maintains one of the most stringent stablecoin regulatory frameworks globally, making the approval of a foreign-issued dollar stablecoin for institutional and retail use a significant regulatory milestone.
However, RLUSD's market presence remains modest. Ripple has reported that the stablecoin has achieved a market value of around $1.7 billion since its launch in late 2024, which is a small fraction compared to Tether's USDT, valued at approximately $186 billion, and Circle's USDC with about $74 billion.
This launch fulfills a memorandum of understanding established between Ripple and SBI in August 2025 and enhances their partnership that began in 2016, focusing on cross-border payments and blockchain infrastructure in Asia.
According to Jack McDonald, Ripple's senior vice president of stablecoins, RLUSD is intended to "serve as a bridge for payments, tokenization, and collateral management," linking Japanese businesses to global dollar liquidity.
RLUSD is Ripple's strategic move toward the regulated end of the stablecoin market, distinct from XRP, the token that is more widely recognized. The company has promoted RLUSD as an enterprise token aimed at facilitating settlements and tokenization, which involves issuing real-world assets on the blockchain.
The launch in Japan represents an expansion of Ripple’s initiative in Asia at a time when stablecoins are undergoing formal regulations in the U.S., Europe, and across the region, turning the market for dollar-pegged tokens into a competitive race for official approvals and user adoption.
Nonetheless, whether RLUSD can compete with USDT and USDC remains uncertain. While Japan's approval enhances its credibility for institutional usage, it still faces the challenge of translating that credibility into the trading volume and liquidity that its larger competitors already possess.
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk Research Jun 15, 2026In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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