CryptoSlate
Ripple and SBI officially launched RLUSD in Japan on June 24 following JFSA approval, with the stablecoin distributed through SBI VC Trade to both institutional and retail users. Japan classified RLUSD as a new type of electronic payment instrument under the Payment Services Act, the first time a regulated foreign-issued dollar stablecoin has reached one of Ripple's most established markets. Ripple said RLUSD has reached roughly $1.7 billion in market capitalization since its late-2024 debut.
Why it matters
RLUSD's Japan arrival lands inside a stablecoin shelf that already holds USDC and JPYSC at SBI VC Trade. SBI's regulated access layer distributes every major issuer simultaneously, capturing distribution revenue regardless of which stablecoin wins each lane. SBI invested in Ripple in 2016, ran remittance corridors through SBI Remit on Ripple Payments, and built retail XRP familiarity through SBI VC Trade, giving RLUSD a relationship Circle and Nomura will spend years trying to replicate. A Nomura and Laser Digital survey of 518 Japanese investment professionals found 63% saw stablecoin use cases spanning treasury, cross-border payments, crypto, and tokenized securities, with major-bank-issued stablecoins earning the highest trust ratings across JPY, USD, and EUR.
Market impact
Japan's FX market processed $440 billion in daily transactions in 2025 per BIS data, the institutional weight behind the corporate settlement pitch. Circle and Nomura plan to launch a USDC-based settlement and corporate payment service as early as 2027, compressing two-to-three-day cross-border transfers into minutes for Japanese businesses handling supplier payments, affiliate transfers, and FX settlement. MUFG, SMBC, and Mizuho are targeting joint yen stablecoin issuance by fiscal year ending March 2027 under FSA-supported pilots. The next 18 months will determine whether RLUSD's head start converts into durable payment infrastructure or whether corporate FX consolidates around Nomura and Circle while megabank yen stablecoins absorb domestic settlement.
Frequently asked questions
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What is RLUSD and when did it launch in Japan?
RLUSD is Ripple's US dollar stablecoin. Ripple and SBI officially launched it in Japan on June 24 after JFSA approval, distributed through SBI VC Trade to institutional and retail users under the Payment Services Act.
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How will Circle and Nomura use USDC in Japan?
Circle and Nomura plan to launch a USDC-based digital asset settlement and corporate payment service as early as 2027, letting Japanese businesses convert yen to USDC for supplier payments, overseas affiliate transfers, and FX settlement, compressing two-to-three-day transfers into minutes.
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What is JPYSC and who issues it?
JPYSC is Japan's first trust-type yen stablecoin under the electronic payment instruments framework. SBI Shinsei Trust Bank oversees issuance, Startale is the technical partner, and SBI VC Trade handles distribution for large transfers, on-chain FX, institutional lending, and RWA settlement.
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When will Japan's megabanks issue yen stablecoins?
MUFG, SMBC, and Mizuho plan to jointly issue yen-based stablecoins during the fiscal year ending March 2027, with Japan's FSA supporting the experimental phase.
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Why does the $440B daily FX market matter for stablecoins?
Japan's FX market processed $440 billion in daily transactions in 2025 per BIS data. That scale gives corporate settlement, cross-border payments, and FX desks real institutional weight, which is why Nomura, Circle, Ripple, and the megabanks are all positioning for the same lanes.
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