Japan's crypto infrastructure gets a triple boost: SBI expands, Ripple launches RLUSD, and Circle-Nomura bring USDC settlements to Japanese businesses. The moves push regulated stablecoin rails forward.
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SBI Holdings is expanding its domestic crypto exchange. Ripple is launching its RLUSD stablecoin in Japan. Circle has partnered with Nomura to offer USDC-based settlements to Japanese businesses. Together, the moves deepen Japan's position as a hub for regulated crypto finance.
SBI already operates SBI VC Trade, one of Japan's largest licensed exchanges. The company is adding services for institutional clients, including custody and over-the-counter trading. The expansion builds on SBI's existing crypto ventures, which include a mining business and a stake in the SBI Ripple Asia payments network. SBI also runs a crypto fund and has been one of the most active Japanese financial firms in the digital asset space. The exchange's dominance gives it a central role in distributing new crypto products to Japanese investors.
Ripple's RLUSD stablecoin will be available through SBI's platforms. The stablecoin is pegged to the U.S. dollar and will be issued under Japanese regulations. Ripple has a long-standing partnership with SBI through SBI Ripple Asia, which operates a Ripple-based payments network in Japan. The launch gives Ripple a regulated on-ramp for its stablecoin in one of Asia's largest financial markets. Ripple has been pushing for regulatory clarity in multiple jurisdictions, and Japan offers a clear framework that allows the stablecoin to be used for payments and settlements.
Circle has partnered with Nomura to offer USDC-based settlements to Japanese businesses. Nomura is Japan's largest brokerage and a major player in global finance. The partnership will allow companies to send and receive USDC payments through Nomura's banking infrastructure. Circle's USDC is already the second-largest stablecoin by market cap. The Nomura deal gives it a direct channel to Japanese corporate treasuries, which have been slow to adopt crypto because of regulatory uncertainty.
The shift for traders is in the infrastructure layer. Stablecoins that are regulated and issued by licensed entities change the settlement risk for yen-denominated crypto pairs. Japan has allowed licensed exchanges since 2017. Stablecoin issuance was restricted until the Financial Services Agency introduced new rules in 2023. Those rules require issuers to hold reserves in Japanese banks and to be licensed. Both Ripple and Circle have said they will comply.
Japan's regulatory framework is one of the most developed in the world. The FSA has been licensing crypto exchanges since 2017, after the Mt. Gox collapse highlighted the need for oversight. The stablecoin rules that took effect in 2023 allow banks and trust companies to issue stablecoins. That has opened the door for firms like Ripple and Circle to enter through partnerships with licensed entities. The FSA has said it will continue to refine the rules, and the agency is expected to review the stablecoin framework this year.
The moves come at a time when other Asian hubs are competing for crypto business. Singapore has a licensing regime under its Payment Services Act. Hong Kong is introducing a new crypto exchange framework. Japan's advantage is its early and clear regulation, which gives certainty to issuers and users. Japanese exchanges have been limited in the stablecoins they can offer. RLUSD and USDC through Nomura give traders more options for dollar-denominated trading pairs.
SBI Holdings has been a key driver of crypto adoption in Japan, with investments in Ripple and other firms. The company's expansion into custody and OTC trading targets institutional clients who have been waiting for regulated services. Ripple's RLUSD launch and Circle's Nomura partnership both rely on SBI's distribution network. That concentration of infrastructure around one firm creates both efficiency and risk.
The FSA's stablecoin rules require issuers to be licensed and to hold reserves in Japanese banks. Both Ripple and Circle have said they will comply.
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