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Ripple Partner SBI Backs USDC as Japan Eases Stablecoin Rules—Will RLUSD Be Next?
In a significant move, SBI VC Trade, a crypto services arm of the Ripple partner, SBI Group, has announced that it will be supporting Circle’s USDC stablecoin. This decision comes amid Japan’s regulators relaxing their stance on stablecoins. The development raises questions about whether Ripple’s own stablecoin, RLUSD, is set to follow suit.
USDC Gains Traction in Japan
As of March 12, SBI VC Trade has completed the registration process for USDC transactions, marking a major milestone. This means that the platform will be the first Japanese financial institution to offer cryptocurrency trading in USDC. The news comes after Japan’s Financial Services Agency (FSA) released a report recommending policy changes to ease restrictions on stablecoin use.
SBI VC Trade has also been actively engaging with the crypto community, as demonstrated by CEO Kondo’s interest in RLUSD during an XRP Community Night Tokyo event held in September 2024. In light of this information, many are speculating whether SBI will consider supporting Ripple’s stablecoin in the future.
RLUSD Gaining Popularity
It is worth noting that RLUSD has been gaining traction in the crypto space. According to recent analysis, the stablecoin reached a circulation of 120 million within just two months of its launch. Moreover, trading volume across the XRP Ledger (XRPL) and Ethereum networks stood at an impressive $7.35 billion.
Given the positive developments surrounding RLUSD, it is logical that SBI VC Trade would consider supporting Ripple’s own stablecoin. After all, the company has consistently demonstrated a strong commitment to fostering innovation in the crypto space.
Concluding Remarks
In conclusion, the support for USDC by SBI VC Trade and Japan’s regulators relaxing their stance on stablecoins create an atmosphere ripe for RLUSD adoption. Considering the stablecoin’s rapid growth and trading volume, it would be surprising if SBI did not consider supporting Ripple’s own stablecoin in the near future.
By Godfrey Benjamin
