Quick answer: Ripple’s dollar-backed stablecoin RLUSD went live in Japan in late June 2026 through SBI VC Trade, the digital-asset arm of financial group SBI. Japan’s Financial Services Agency (FSA) approved it as a foreign-issued electronic payment instrument under the Payment Services Act, one of the strictest stablecoin regimes anywhere. Japanese institutions and retail users can now buy and settle in RLUSD, subject to a per-user holding cap.
Updated 07/17/2026. By Jake Claver. Educational content, not investment advice.
Japan does not wave stablecoins through. Its rules on what can circulate as payment money are tight, which is exactly why a foreign-issued token clearing that bar is worth a close look. This piece covers what was approved, who is distributing it, how it is backed, and the limits users actually face, all from the primary launch materials.
What launched, and when
Ripple and SBI Group announced the launch of Ripple USD (RLUSD) in Japan on June 24, 2026, with trading going live the following day per CoinDesk’s coverage. The move fulfills a memorandum of understanding the two firms signed in August 2025 and builds on a working relationship that dates back to 2016, when Ripple and SBI first collaborated on cross-border payments.
The regulatory approval that made it possible
The FSA approved RLUSD’s classification as a new type of electronic payment instrument under Japan’s Payment Services Act, a category specifically shaped for foreign-issued stablecoins that meet Japanese safety and reserve standards. That framing matters: Japan built a licensing regime for stablecoins before most jurisdictions, and RLUSD is entering as a regulated payment instrument rather than an unregulated token. SBI VC Trade holds a license as an Electronic Payment Instruments Exchange Service Provider, which is the specific permission needed to distribute it. For background on why regulators treat payment stablecoins as their own category, the U.S. Treasury and its President’s Working Group have made similar arguments about reserve quality and redemption rights.
How RLUSD is backed
According to the SBI VC Trade RLUSD page, the token is pegged 1:1 to the U.S. dollar and backed 100% by dollar deposits and U.S. Treasury securities, with custody managed by BNY Mellon. That reserve profile, cash plus short-dated government paper held at a major custodian, is the model regulators tend to favor for payment stablecoins. RLUSD has reached roughly $1.7 billion in market capitalization since first launching in late 2024, which keeps it far smaller than USDT and USDC but places it among the credible dollar tokens.
The limits users actually face
The distribution is real, but it is not unbounded. The SBI VC Trade page spells out a cap of 100 million yen equivalent on individual holdings and single transactions. If a position stays above that threshold for six consecutive months, it is liquidated, and deposits above the cap can see processing delays, particularly over weekends. Buying follows a straightforward path: open an account, deposit yen through the 24/7 quick-deposit service, then purchase RLUSD via the sales desk using market, limit, or stop-limit orders.
Why this matters
Ripple frames RLUSD as settlement infrastructure rather than a trading chip. Jack McDonald, Ripple’s SVP of stablecoins, described it as a bridge for payments, tokenization, and collateral connecting Japanese businesses to global liquidity. On the ground that points to faster settlement, programmable trade payments, and supply-chain finance, the kind of treasury plumbing that stablecoins are increasingly used for. RLUSD is issued on the XRP Ledger and Ethereum, so more regulated stablecoin activity is one input into how useful those networks are for payments. That is a utility observation, not an investment case: none of this predicts price, and adoption still has to prove itself in real settlement volume rather than launch headlines.
Common questions
What is RLUSD?
RLUSD is Ripple USD, a stablecoin pegged 1:1 to the U.S. dollar. According to SBI VC Trade, it is backed 100% by dollar deposits and U.S. Treasury securities, with custody managed by BNY Mellon.
When did RLUSD launch in Japan?
Ripple and SBI Group announced the Japan launch on June 24, 2026, and trading went live the following day after approval from Japan’s Financial Services Agency.
What is SBI VC Trade’s role?
SBI VC Trade, the digital-asset division of SBI Group, is the licensed distributor. It offers RLUSD to institutional and retail customers through its VCTRADE platform as a licensed Electronic Payment Instruments Exchange Service Provider.
Is there a limit on how much RLUSD I can hold in Japan?
Yes. SBI VC Trade applies a cap of 100 million yen equivalent on individual holdings and single transactions. If a position exceeds the cap for six consecutive months it is liquidated, and large deposits may face processing delays.
How is RLUSD regulated in Japan?
Japan’s FSA approved RLUSD as a new type of electronic payment instrument under the Payment Services Act, a category designed for foreign-issued stablecoins that meet Japanese reserve and safety standards.
This content is educational only. It is not tax, legal, or investment advice. Check primary sources and speak with a qualified professional before making financial decisions.
