Ripple and Japan’s SBI Holdings have signed a memorandum of understanding to distribute Ripple USD (RLUSD) in Japan through SBI’s licensed crypto exchange, SBI VC Trade. The partners aim to make the U.S.-dollar-pegged stablecoin available to Japanese users and institutions in the first quarter of 2026, leveraging the licensing regime introduced under amendments to Japan’s Payment Services Act. RLUSD, launched in late 2024, is fully backed by U.S. dollar deposits, short-term Treasury bills and cash equivalents, with monthly reserve attestations. The token has about $667 million in circulation and is issued under a New York State trust-company charter, positioning it as a compliance-focused alternative for financial institutions. Japan’s framework allows only approved entities such as trust banks and registered electronic payment instrument providers to issue or distribute fiat-pegged tokens. Circle’s USDC secured the first such approval earlier this year, while Tether’s USDT has yet to do so. With the global stablecoin market already near $300 billion and projected to grow into the trillions, the Ripple-SBI tie-up gives both firms an early foothold in a market where regulators and banks place a premium on transparency and reserve quality.