Crypto payments firm Ripple has signed a memorandum of understanding (MoU) with SBI Holdings to distribute its USD-backed stablecoin, RLUSD, in Japan.  

The distribution is scheduled to commence in the first quarter of 2026. 

The agreement was formalised through financial conglomerate’s subsidiary SBI VC Trade, a licenced electronic payment instruments exchange service provider in Japan. 

RLUSD, an enterprise-grade stablecoin, is backed by reserves consisting of US dollar deposits, short-term US government bonds, and other cash equivalents. 

Ripple has arranged for monthly attestations from an independent accounting firm to verify the stablecoin’s backing. 

SBI VC Trade CEO Tomohiko Kondo said: “SBI Group has been leading the development of the cryptocurrency and blockchain field in Japan.  

“The introduction of RLUSD will not just expand the option of stablecoins in the Japanese market, but is a major step forward in the reliability and convenience of stablecoins in the Japanese market, and an important step in further accelerating the convergence of finance and digital technology. We will continue to work with Ripple to build a safe and transparent financial infrastructure.”  

Ripple senior vice president of Stablecoins Jack McDonald stated: “Our partnership with SBI has always been about more than just technology; it’s about building a trusted and compliant financial future.  

“The distribution of RLUSD in Japan with SBI VC Trade is a culmination of that work. RLUSD is designed to be a true industry standard, providing a reliable and efficient bridge between traditional and decentralised finance.”  

Earlier this month, Ripple agreed to acquire stablecoin payments platform Rail for $200m, enhancing its product suite by integrating the latter’s stablecoin-focused payment infrastructure.  

Rail platform provides a link between traditional fiat currencies and stablecoin technology. 

Meanwhile, in March, Circle Internet Financial launched its USDC stablecoin in Japan, in association with SBI Holdings.