Japan stablecoin market tightens after RLUSD launch

Japan's regulated stablecoin market is turning into a direct contest over payment flows, not just exchange listings. Ripple and SBI launched RLUSD in Japan on June 24 after Financial Services Agency approval, giving both retail and institutional users access through SBI VC Trade. For Ripple, this is its first regulated dollar stablecoin in one of its longest-standing markets.

The timing matters because Circle and Nomura said they plan to roll out a USDC-based settlement and corporate payment service in Japan as early as 2027. Their target is business use: supplier payments, overseas affiliate transfers, and foreign exchange settlement. The firms said stablecoins could cut cross-border transfers from two to three business days to minutes.

SBI now sits at the center of this market. Japan's registered electronic payment instrument list shows SBI VC Trade handling RLUSD, USDC, and JPYSC. USDC has been available through SBI VC Trade since March 2025, while JPYSC launched this week with SBI Shinsei Trust Bank and Startale.

That leaves a clearer competitive map. Ripple has a head start through SBI and existing remittance rails. Circle is pushing deeper into corporate treasury and FX with Nomura. At the same time, yen stablecoins from JPYSC and planned megabank issuers could be better suited for domestic settlement, where Japanese firms may prefer lower FX exposure.