SBI VC Trade, an affiliate of Japan's SBI Holdings, has started handling dollar-based stablecoin RLUSD.

On June 24 (local time), blockchain media outlet CoinPost reported that RLUSD corresponds to the fourth electronic payment instrument to be handled in Japan, and the first in the country.

RLUSD is a dollar-based stablecoin promoted by Ripple. Ripple subsidiary SCTC began issuing it in December 2024 and it received approval from the New York State Department of Financial Services (NYDFS). It is pegged 1:1 to the U.S. dollar and circulates on Ethereum and the XRP Ledger.

The introduction is an extension of cooperation between the SBI Group and Ripple. The two companies have worked together since 2016 in digital assets and building blockchain-based financial infrastructure, and in August 2025 they also signed a basic agreement to issue and distribute RLUSD in Japan.

RLUSD is the second dollar-based stablecoin added by SBI VC Trade, following USDC introduced in March 2025. The supported chain is currently limited to Ethereum, and deposit and withdrawal fees are free. SBI VC Trade said it plans to expand supported blockchains in stages.

Trading and withdrawals have caps. The maximum order amount per trade and the withdrawal limit within the VCTRADE service are both set at 1 million yen (about 9.57 million won) per transaction. Deposits and withdrawals are available 24 hours a day, 365 days a year.

Its legal classification in Japan was also presented. SBI VC Trade said RLUSD does not correspond to a beneficial interest in a trust under U.S. law, but when handled in Japan it corresponds to a fourth-category electronic payment instrument under Japanese legal standards. Under the amended Payment Services Act, electronic payment instruments are divided into categories 1 through 4, and category 4 is a classification defined by Cabinet Office ordinance as a type equivalent to categories 1 to 3.

The structure of reserve assets was also disclosed. RLUSD is backed by U.S. dollar deposits and U.S. short-term Treasury bills, among others, and undergoes monthly verification by a third-party accounting firm. Deposited assets are managed separately from operating funds.

SBI VC Trade President Tomohiko Kondo (곤도 토모히코) described the start of handling as a milestone in the partnership between the two companies. He added that the company aims to build services and use cases centered on RLUSD. Jack McDonald (잭 맥도널드), Ripple’s senior vice president for stablecoins, also said the launch would be a first step toward expanding RLUSD use by Japanese financial institutions and companies.

SBI VC Trade has expanded its lineup of dollar-based stablecoins by adding RLUSD alongside USDC. Whether expansion of supported chains and plans for issuance and distribution in Japan will lead to actual service expansion is the next point to watch.

Handling of Japan’s first trust-type yen-denominated stablecoin "#JPYSC" begins! ✅ A stablecoin with no 1 million yen limit ✅ Supports large remittances and corporate use ✅ A yen-denominated settlement base for the on-chain finance era First, early provision begins within VCTRADE service accounts! A step toward realizing a new digital settlement base for the Japanese yen. ... pic.twitter.com/wCWD2lOLBT