Ripple got RLUSD into Japan, now the stablecoin race begins as Circle and Nomura join
Ripple and SBI launched RLUSD in Japan on June 24 after JFSA approval, making it available to institutional and retail users through SBI VC Trade as a regulated dollar stablecoin under Japan’s Payment Services Act. This extends Ripple’s long-standing SBI relationship into a new distribution channel for cross-border payments, remittances, and settlement. Circle and Nomura plan a USDC-based settlement and corporate payments service in Japan, potentially by 2027, aimed at yen-to-USDC treasury transfers, supplier payments, and FX settlement. Japan’s large FX market and institutional interest in stablecoins give the market real scale. SBI VC Trade now lists RLUSD, USDC, and JPYSC, while bank-backed yen stablecoins from major Japanese banks are also expected by 2027. Japan’s market is shaping into separate lanes: RLUSD for cross-border dollar liquidity, USDC for corporate FX, and yen stablecoins for domestic settlement. The key unknown is whether listed stablecoins can generate meaningful transaction volume and durable usage.
