Key Takeaways
Ripple and SBI Holdings, together with SBI VC Trade, have signed a memorandum of understanding to distribute Ripple’s US dollar-backed stablecoin in Japan.
The stablecoin has grown to a $666 million market cap, according to CoinGecko.
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Ripple and SBI Holdings, Japan’s financial conglomerate, are deepening their long-standing partnership with a new memorandum of understanding that paves the way for the distribution of RLUSD, Ripple’s flagship stablecoin, in Japan, according to a Friday announcement.
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
Under the deal, SBI VC Trade, an SBI subsidiary licensed to operate as an Electronic Payment Instruments Exchange Service Provider, will oversee the rollout of the stablecoin. The company plans to launch RLUSD in Japan in the first quarter of 2026.
RLUSD is fully collateralized by US dollar deposits, short-term Treasuries, and cash equivalents, with reserves confirmed through monthly third-party attestations. The token’s market capitalization currently stands at $666 million, CoinGecko data shows.
“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, and an important step in further accelerating the convergence of finance and digital technology,” said SBI VC Trade CEO Tomohiko Kondo in a statement. “We will continue to work with Ripple to build a safe and transparent financial infrastructure.”
Jack McDonald, Ripple’s Senior Vice President of Stablecoins, said the agreement with SBI reflects a long-term effort to build a trusted and compliant financial framework.
“The distribution of RLUSD in Japan with SBI VC Trade is a culmination of that work,” he stated. “We are confident that this partnership will not only drive stablecoin utility in Japan but also set a new benchmark for the entire market.”
SBI Holdings is eyeing the launch of a Bitcoin and XRP dual ETF in Japan, pending regulatory adjustments expected from the Financial Services Agency’s ongoing review.
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