Overview
- Japan’s Financial Services Agency approved RLUSD and the token went live for retail and institutional users on SBI VC Trade on June 25, 2026.
- SBI VC Trade will distribute RLUSD under a partnership with Ripple that dates to 2016 and was formalized by an MoU in August 2025.
- RLUSD is issued through a New York trust subject to New York State Department of Financial Services oversight and is backed 1:1 by cash and short-term U.S. Treasuries with monthly attestations.
- The token starts with about $1.7 billion in market value and faces a clear adoption test because it is much smaller than market leaders USDT and USDC and needs deeper liquidity and trading volume to support enterprise settlement.
- The FSA decision sets a regulatory template for foreign trust-backed stablecoins to enter Japan and could shift corporate FX, cross-border payment, and tokenization flows if issuers and banks move from listing to real use.