Ripple is joining forces with Japan’s financial giant SBI Holdings to bring its U.S. dollar–backed stablecoin, Ripple USD (RLUSD), to the Japanese market by the first quarter of 2026.
The rollout will be managed through SBI VC Trade, the crypto subsidiary of SBI Holdings. Ripple confirmed the plan in a statement Friday, marking a significant step in expanding the stablecoin’s global footprint.
“SBI Group has been leading the development of the cryptocurrency and blockchain field in Japan,” said Tomohiko Kondo, CEO of SBI VC Trade. “The introduction of RLUSD will not just expand the option of stablecoins in the Japanese market, but is a major step forward in the reliability and convenience of stablecoins in the Japanese market.”
RLUSD, first launched in December 2024, is fully backed on a 1:1 basis by reserves such as U.S. dollar deposits, short-term U.S. government bonds, and other cash equivalents, according to Ripple.
Team Ripple
The stablecoin has gained steady traction since its debut. As of early Friday, RLUSD carried a market capitalization of $666 million, with 24-hour trading volume reaching $71 million, according to CoinGecko data.
Ripple’s expansion into Japan comes at a time when demand for stablecoins is on the rise worldwide. Data shows the circulating supply of USD-pegged stablecoins climbed to $266 billion this week, up from $256 billion at the start of August.
This isn’t Ripple’s first regulatory green light. In June, the Dubai Financial Services Authority approved RLUSD as a payment option within the Dubai International Financial Centre, signaling growing institutional recognition of the stablecoin.
