Japan Launch

Ripple will distribute RLUSD in the Japanese market through SBI Holdings’ crypto subsidiary, SBI VC Trade. Tomohiko Kondo, CEO of SBI VC Trade, emphasized that the launch of RLUSD will be a significant step in establishing trust and adoption for stablecoins in Japan.

RLUSD Market Data

RLUSD was initially launched in December 2024 and is backed 1:1 by USD deposits, short-term U.S. government securities, and cash equivalents. According to CoinGecko, RLUSD’s market capitalization is $666 million, with a 24-hour trading volume of $71 million.

In June 2025, the Dubai Financial Services Authority approved RLUSD as a payment method within the Dubai International Financial Centre, further expanding the stablecoin’s regional accessibility.

Global Stablecoin Market

The stablecoin market is expanding rapidly. On August 1, 2025, the total USD-backed stablecoin supply was $256 billion, rising to $277 billion by mid-August.

Ripple’s move to launch RLUSD in Japan with SBI is expected to accelerate stablecoin competition in Asia and strengthen RLUSD’s global adoption.

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On Wednesday, the corporation revealed the employment of Jai Yung Byun, a former central bank official from the Bank of Korea who held several leadership positions. At the central bank, he has guided foreign exchange research and global policy planning. Additionally, a chief representative at the Washington, D.C., Bank of Korea Representative Office was Byun.

Byun began consulting SBI Digital Markets, an SBI Digital Asset Holdings affiliate, in 2023. Byun was the country manager for South Korea for Northern Trust before joining SBI. “His knowledge has been crucial in negotiating the complex terrain of the Korean market and building relationships with financial institutions across both the public and private sectors,” the business stated.

“His great knowledge of the Korean market and broad experience will be priceless as we keep increasing our presence and offers in the area,” said SBI Digital Markets CEO Winston Quek. “Using Mr. Byun’s consulting, we will also enhance our standards of governance and regulatory compliance to protect the interests of our institutional investors and partners.”

SBI Holdings, a Japanese financial behemoth founded in 1999, has more than 50 million worldwide clients. Working with Chiliz, SBI Digital Asset Holdings formed a joint venture in May in Japan. In November 2023, the team also teamed with Circle to increase USDC stablecoin acceptance in Japan.

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