Ripple’s RLUSD is now available in Japan after Japan’s Financial Services Agency approved it for circulation via the cryptocurrency exchange SBI VC Trade. The exchange started supporting USDC more than a year ago.
SBI has been an investor in Ripple for more than a decade. The relationship includes a joint venture, SBI Ripple Asia, and SBI regularly distributing XRP as dividends or rewards. SBI also became an investor in USDC issuer Circle more recently.
The Japanese launch is initially on the Ethereum blockchain, where around half of RLUSD issuance is currently hosted. One notable point not mentioned in Ripple’s announcement is that both USDC and RLUSD distributed via SBI VC Trade have transaction and holding caps of ¥1 million ($6,180), which raises the question of why all the fuss given these sorts of limits. The devil is in the regulatory detail explored later.
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