Ripple has struck a new deal with SBI Holdings to introduce its U.S. dollar-backed stablecoin, Ripple USD (RLUSD), to the Japanese market, marking a major step in the country’s regulated digital asset ecosystem.
Announced on August 22, Ripple and SBI VC Trade SBI’s licensed crypto asset exchange arm signed a memorandum of understanding to distribute RLUSD in Japan starting in the first quarter of 2026. The agreement positions RLUSD as one of the first enterprise-grade stablecoins designed for compliance and institutional adoption in the country.
The $300B stablecoin market is set to grow into the trillions.
Together with @sbivc_official, we’re bringing $RLUSD to Japan in early 2026, offering users and institutions a trusted, regulated and fully-backed stablecoin built for enterprise use cases. https://t.co/htcrMiQkTe
— Ripple (@Ripple) August 22, 2025
The stablecoin market, currently valued at nearly $300 billion, is projected to expand into the trillions, with demand shifting toward assets that prioritize transparency and regulatory backing. RLUSD will be fully collateralized by U.S. dollar deposits, short-term government bonds, and other cash equivalents, with monthly attestations from an independent accounting firm to verify reserves.
SBI VC Trade CEO Tomohiko Kondo said the rollout represents a milestone for Japan’s crypto sector.
“The introduction of RLUSD will not just expand stablecoin options in the Japanese market, but also enhance reliability and convenience, accelerating the convergence of finance and digital technology,”
Kondo stated.
Ripple’s Senior Vice President of Stablecoins, Jack McDonald, emphasized that RLUSD was built to serve as an industry standard.
“The distribution of RLUSD in Japan with SBI VC Trade provides a reliable bridge between traditional and decentralized finance,”
he said, adding that the partnership sets a benchmark for stablecoin utility in regulated markets.
With Japan tightening oversight on crypto exchanges and stablecoin issuers, the move signals a shift toward regulated digital dollar products as a foundation for broader adoption in Asia’s third-largest economy.
Alongside its Japan expansion, Ripple is also backing Gemini’s public listing plans in the U.S. through a $75 million credit facility that could scale up to $150 million, according to filings with the Securities and Exchange Commission. Once the initial tranche is drawn, RLUSD will be introduced as a borrowing option within the facility, marking its debut as a liquidity tool for institutional finance.
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