Ripple has launched its Ripple USD (RLUSD) stablecoin in Japan after receiving regulatory approval, as the company continues to expand its global footprint.
In a statement released Wednesday, Ripple said that RLUSD is now available in Japan through a partnership with Japanese financial conglomerate SBI Holdings and its crypto arm SBI VC Trade. The U.S. dollar-pegged stablecoin is available to institutional and retail users on SBI VC Trade, the company said.
"Through our collaboration with SBI Group, RLUSD will serve as a bridge for payments, tokenization, and collateral management, connecting Japanese businesses and individuals more efficiently to global liquidity," Jack McDonald, senior vice president of stablecoins at Ripple, said in the statement.
The stablecoin's launch in Japan comes after the company received regulatory approval from the Japan Financial Services Agency. This classified RLUSD as a new type of electronic payment instrument under the Payment Services Act, according to the statement.
Launched in 2024, RLUSD is backed 1:1 by reserves including U.S. dollar deposits, short-term U.S. government bonds, and other cash equivalents, according to Ripple. The stablecoin has a market capitalization of $1.6 billion, with a 24-hour trading volume of $116.7 million, according to CoinGecko data.
