Ripple shares that its dollar-based stablecoin $RLUSD is now available in Japan.
The company said that the Japanese Financial Services Agency has approved the stablecoin. Ripple partnered with SBI Group and VCTRADE to gain approval. Ripple has worked with SBI Group since 2016.
SBI Group is said to be Japan’s largest internet-based financial services group, providing crypto services. It was previously issued as a yen-based stablecoin.
Ripple said entry into Japan is a significant milestone in advancing regulated stablecoin adoption across Asia.
Jack McDonald, Senior Vice President of Stablecoins at Ripple, said that Japan has been a leader in digital asset innovation, and the approval is an important step, providing the stablecoin for consumers and businesses.
$RLUSD has a current market cap of around $1.6 billion.
Ripple is competing with Circle in the market, which has also partnered with SBI Group to offer its services.