Overview

• Ripple and SBI Holdings signed a memorandum of understanding naming SBI VC Trade as distributor for RLUSD in Japan, with a target launch in the first quarter of 2026.
• RLUSD is described as fully collateralized by U.S. dollar deposits, short-term Treasuries, and cash equivalents, with reserves verified through monthly third-party attestations.
• SBI VC Trade holds a license as an Electronic Payment Instruments Exchange Service Provider and will manage the rollout under Japan’s Payment Services Act regime.
• The stablecoin’s circulation has grown to roughly $666 million in market value, according to CoinGecko data cited in the coverage.
• The move follows regulatory momentum in Japan that recently included approval of the first yen-denominated stablecoin and earlier clearance for USDC distribution.