Ripple and SBI Holdings to Promote Circulation of Stablecoin 'RLUSD' in Japan

Ripple and Japanese financial group SBI Holdings announced on the 22nd that they have signed a memorandum of understanding (MOU) to supply the dollar-pegged stablecoin 'Ripple USD (RLUSD)' to the Japanese market. This partnership will be carried out through SBI VC Trade, an SBI subsidiary and crypto asset (cryptocurrency) exchange operator.

The stablecoin market is currently worth about $300 billion, but is expected to grow into a multi-trillion-dollar industry in the future. Ripple stated that RLUSD is positioned as more than just a payment tool, but as a core part of global financial infrastructure, and presented growing institutional demand as the engine for its future growth.

RLUSD is a stablecoin focused on transparency and regulatory compliance. It is 100% backed by U.S. dollar deposits, short-term government bonds, and cash equivalents as reserves, and is subject to monthly audits by external accounting firms.

Tomohiko Kondo, President of SBI VC Trade, said, "SBI Group has been leading the development of the crypto asset and blockchain sectors in Japan," adding, "The introduction of RLUSD will significantly enhance the reliability and convenience of stablecoins in the Japanese market, and mark a crucial turning point in accelerating the convergence of finance and digital technology."

Jack McDonald, Ripple's Senior Vice President in charge of stablecoins, also commented, "Collaboration with SBI goes beyond technology to building a trustworthy financial future," and added, "RLUSD will become the standard that connects traditional finance and decentralized finance."