Ripple Partners with SBI Group to Launch RLUSD Stablecoin in Japan

Ripple has launched its RLUSD stablecoin in Japan after receiving regulatory approval from the Japan Financial Services Agency (JFSA), marking a significant expansion of its stablecoin offerings in Asia. The stablecoin is now available through SBI VC Trade, the crypto arm of Japanese financial conglomerate SBI Holdings, for both institutional and retail investors. This partnership deepens Ripple’s long-standing relationship with SBI Group and positions RLUSD as a bridge for payments, tokenization, and collateral management. Jack McDonald, Senior Vice President of Stablecoins at Ripple, said the launch represents ‘an important step in expanding access to transparent, regulated USD-backed stablecoins like RLUSD for financial institutions, consumers, and businesses in Japan.’ The JFSA has categorized RLUSD as a new type of electronic payment instrument under the Payment Services Act, ensuring it operates within a clear regulatory framework. RLUSD currently has a market capitalization of $1.6 billion and is already deployed in multiple markets for faster settlements and cross-border liquidity. The launch follows Ripple’s recent expansion into South Korea via a Coinone listing. Additionally, SBI Holdings recently launched a yen-pegged stablecoin, SPYSC, on Ethereum with Startale Group. SBI Holdings also plans to offer deposit rewards in Bitcoin, Ethereum, and XRP through SBI Shinsei Bank. Following the news, XRP price rebounded more than 3% to trade at $1.08, recovering from a low of $1.05 amid global market selloffs.

Source: https://coingape.com/xrp-news-ripple-taps-sbi-group-to-launch-rlusd-stablecoin-in-japan/