Ripple has just expanded its RLUSD stablecoin into Japan with SBI Holdings. Can its next-year launch tap Asia’s growing stablecoin market?
Ripple is expanding its stablecoin RLUSD into Japan in partnership with SBI Holdings. The companies recently signed a memorandum of understanding to bring the asset to market by early next year.
Ripple and SBI Take RLUSD to Japan
Ripple’s relationship with SBI Holdings is what makes this rollout possible. According to the official announcement, SBI VC Trade will serve as the distribution arm for RLUSD and will give both retail users and companies a regulated way to access the stablecoin.
JUST IN: 🇯🇵 Ripple partners with financial giant SBI Holdings to roll out $RLUSD stablecoin in Japan by Q1 2026. pic.twitter.com/Qhv6O3DaZH
— Whale Insider (@WhaleInsider) August 22, 2025
Tomohiko Kondo, CEO of SBI VC Trade, described the partnership as more than just another product launch. He said that the RLUSD has what it takes to bring more convenience to Japan’s financial space.
Notably, Japan is one of the few countries with a transparent system for licensing stablecoins. This clarity makes the country attractive for international projects like RLUSD.
Why Ripple Sees Japan as Strategic
Stablecoins are becoming a big part of global finance. This sector already has a market capitalisation approaching $300 billion. While traders continue to drive its early demand, enterprises and institutions are expected to lead the next growth phase.
Japan, in turn, offers Ripple a fertile market to grow in. Financial regulators there have already shown support for digital assets, and local institutions are looking into their own yen-backed stablecoin projects.
Ripple, by entering now, is setting up the RLUSD as a trusted and global-ready option for payments.
Building Trust in Stablecoins
Ripple has pointed out that RLUSD is not only stable but also transparent. Its backing comes from U.S. dollar reserves, cash equivalents and government bonds, and according to Jack McDonald, Ripple’s Vice President of Stablecoins, RLUSD is a bridge between traditional banking and defi networks.
He noted that Japan can become a model for how regulated stablecoins operate at scale.
This said, Ripple is not only to compete only with private stablecoins like USDC or USDT. Instead, it wants to set a benchmark for transparency, compliance and real-world integration.
Ripple and SBI
The partnership between Ripple and SBI goes back years. In 2021, SBI launched the world’s first bank-owned crypto exchange in Japan with Ripple’s backing. Around the same time, SBI used Ripple’s technology to build MoneyTap, a payments app adopted by 61 Japanese banks.
Ripple and SBI also teamed up with HashKey to introduce supply chain solutions in Japan using the XRP Ledger.
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
Their collaboration shows an ongoing pattern of digital finance growth in the country, well before the stablecoin launch.
Most notably, Ripple only recently resolved the setbacks it faced in the United States due to the protracted SEC lawsuit. That challenge pushed the company to strengthen ties elsewhere in Asia.
This explains why Japan, with its openness to fintech, has become a natural base for Ripple’s expansion.
RLUSD in the General Market
In all, the RLUSD has already started its rollout. In Dubai, the asset received approval earlier this year, which showed Ripple’s ambition to build a strong stablecoin presence.
As of writing, RLUSD now holds a market cap of about $668 million.
Compared to the overall $300 billion stablecoin market, Ripple’s share is still small. However, Japan’s upcoming launch could drive adoption and give Ripple a foothold in Asia and other parts of the world.
