XRP Issuer Ripple Launches RLUSD in Japan With $6,200 Transaction Cap

XRP News

Ripple's dollar-backed stablecoin RLUSD secured formal approval from Japan's Financial Services Agency on June 24, going live on SBI VC Trade's VCTRADE platform. The clearance makes RLUSD only the second dollar stablecoin — after USDC — authorized for regulated circulation in Japan, slotting into the foreign-issuer category created under the country's Payment Services Act. The launch executes a memorandum of understanding that Ripple and SBI Group signed in August 2025, and follows a quiet pilot distribution the two firms began on March 31, 2026. Both institutional clients and retail users gain access to the altcoin issuer's token through SBI VC Trade's existing infrastructure from day one. See our XRP hub for ongoing coverage.

The Japanese rollout carries three concrete constraints. Each transaction is capped at roughly 1 million yen, or about $6,200, matching the standard ceiling for funds-transfer-style electronic payment instruments. The launch also supports only the Ethereum-issued version of the token; the native XRP Ledger edition is excluded from this initial phase, sidelining the network whose built-in automated market maker powers on-chain swaps. Service spans both institutional and retail segments simultaneously, routed through one unified VCTRADE access point. These limits position RLUSD as a compliant settlement instrument rather than an open-ended payment rail — a trade-off Ripple appears willing to accept to establish a regulated foothold in one of Asia's strictest markets.

Under Japanese rules, RLUSD is recognized as a Type 4 Electronic Payment Instrument, a designation reserved for foreign-issued stablecoins now treated as legal payment tools. The token is fully collateralized one-to-one by U.S. dollar deposits, short-term Treasuries and cash equivalents, with reserves verified through monthly independent audits by a third-party accounting firm. Unlike algorithmic stablecoins that lean on code-based pegs, RLUSD relies on held collateral, and custody of those backing assets sits with BNY Mellon — a detail that lends institutional weight to the offering. This reserve and audit structure anchors Ripple's pitch in a stablecoin sector the company estimates at roughly $300 billion today.

RLUSD remains a comparatively small player despite the regulatory milestone. The token has grown to about $1.7 billion in market value since its late-2024 debut, roughly 18 months of circulation, still far behind USDC near $60 billion and USDT around $150 billion. Usage metrics are accelerating, however: monthly active addresses rose 17% and monthly transfer volume climbed 19% to reach $3.5 billion. On-chain data shows the supply has become more balanced across networks, with XRP Ledger circulation approaching $792 million and nearing the Ethereum-based total — evidence that Ripple is actively pushing an XRPL-centric expansion strategy alongside the Ethereum launch.

The strategic logic runs through Ripple's existing cross-border rails. RippleNet and its On-Demand Liquidity service have operated across more than 90 payment corridors for years, and RLUSD is designed to act as a stablecoin settlement layer on that same network. Market observers note the Japanese issuance could tie directly into XRP liquidity, deepening the integration between Ripple's real-world financial infrastructure and its native asset. For SBI, holding both RLUSD and its newly launched JPYSC yen stablecoin on one exchange creates a direct yen-to-dollar conversion channel — a practical bridge, short of a true atomic swap, for institutional settlement flows that increasingly touch Ethereum rails.

RLUSD's approval was one of three stablecoin developments in Japan within a single week. SBI activated its trust-bank-backed JPYSC yen stablecoin on June 23, RLUSD won clearance on June 24, and a separate plan emerged on June 25 to deploy USDC — the flagship token behind Circle's stablecoin-native Arc blockchain — into roughly $440 billion of intraday foreign-exchange settlement by 2027. The activity follows Japan's June 1, 2026 policy shift recognizing foreign stablecoins as legal electronic payment instruments. That window now lets foreign tokens like USDC and RLUSD compete directly against domestic yen stablecoins under one framework — the first time the rules have translated into live commercial products.

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