RLUSD launches in Japan; Circle and Nomura plan USDC service

Ripple and SBI launched RLUSD in Japan on June 24 after approval from the Japan Financial Services Agency. The Ripple-issued dollar stablecoin is listed on SBI VC Trade and was registered under the Payment Services Act as a new type of electronic payment instrument for foreign-issued stablecoins. Ripple reported RLUSD has reached about $1.7 billion in market capitalization since its initial launch in late 2024. SBI VC Trade lists RLUSD alongside USDC and JPYSC.

Circle and Nomura announced plans to introduce a USDC-based corporate payment and settlement service in Japan by 2027. The service would allow companies to convert yen into USDC for supplier payments, transfers to overseas affiliates and FX settlements, shortening cross-border transfers that typically take two to three business days to minutes. Circle’s USDC began trading on SBI VC Trade in March 2025 and other exchanges have indicated future listings.

SBI and partners introduced JPYSC the same week. The yen-denominated trust-type stablecoin is issued with SBI Shinsei Trust Bank and developed with Startale. JPYSC is targeted at large-value transfers, on-chain FX, institutional lending and settlement of tokenized real-world assets.

Japan’s three megabanks — MUFG, SMBC and Mizuho — plan a joint yen stablecoin issuance during the fiscal year ending March 2027, with the Financial Services Agency supporting experimental trials. The Bank for International Settlements reported Japan’s foreign exchange market handled roughly $440 billion in daily transactions in 2025.

A survey of 518 Japanese investment professionals conducted by Nomura and Laser Digital found 63% identified practical stablecoin use cases across treasury management, cross-border payments, crypto investment and tokenized securities settlement. The survey also showed higher trust ratings for stablecoins issued by major financial institutions.

SBI’s activity in Japan includes a 2016 investment in Ripple, integration of Ripple Payments into SBI Remit and distribution of USDC from March 2025. SBI VC Trade’s listing of USDC, RLUSD and JPYSC provides regulated access for retail and institutional clients.

Market participants are positioning RLUSD for cross-border payments and remittances using Ripple’s payment rails and SBI’s remittance network. The Nomura and Circle service targets corporate treasuries, supplier payment chains and FX settlement. JPYSC and the planned megabank coins are aimed at domestic B2B yen settlement and larger institutional flows.