Ripple’s RLUSD stablecoin, backed by US dollars, has received official approval from the Japan Financial Services Agency (FSA) for use in the country. Token was registered as a new type of electronic payment instrument under the Payment Services Act, a category specifically designed for foreign stablecoins that meet strict Japanese regulatory standards.
RLUSD will be available to institutional and retail customers through the VCTRADE platform of SBI VC Trade, a division of the Japanese financial group SBI. Launch is the result of a memorandum of understanding signed by Ripple and SBI in August 2025, and builds on a partnership that began back in 2016. According to Ripple, since its launch at the end of 2024, RLUSD’s market capitalization has reached $1.7 billion, a small share compared to dominant USDT ($186 billion) and USDC ($74 billion).
Japan has one of the world’s strictest stealth regulatory regimes, so approval of a foreign dollar token sets an important regulatory precedent. RLUSD is positioned as a corporate tool for payments, asset tokenization and collateral management, serving as a bridge between Japanese business and global dollar liquidity. This launch is different from the native XRP token and reflects Ripple’s strategy to develop a regulated steelbook segment against the backdrop of tightening regulations in the US, Europe, and Asia.