Ripple and Japan’s SBI Holdings have signed a memorandum of understanding under which SBI’s crypto subsidiary, SBI VC Trade, will distribute Ripple USD (RLUSD) to retail and institutional clients in Japan. The partners plan to make the fully collateralised stablecoin available during the first quarter of 2026, they said in a joint statement on 22 August. RLUSD is backed 1-for-1 by U.S. dollar deposits, short-term U.S. government bonds and other cash equivalents, with monthly third-party attestations. Ripple positions the token as an enterprise-grade instrument aimed at cross-border settlements and other institutional uses. SBI VC Trade, which holds Japan’s Electronic Payment Instruments Exchange Service Provider licence, said the product will broaden stablecoin options in a market that has recently begun permitting such assets. The agreement extends a long-running collaboration between Ripple and SBI, which has invested in the U.S. fintech since 2016. Global stablecoin circulation stands at about US$300 billion, and both companies expect demand to accelerate as regulated tokens gain traction in mainstream financial infrastructure.