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Ripple's RLUSD stablecoin goes live in Japan after regulatory approval
Key takeaways
- The Japan Financial Services Agency approved RLUSD as a new type of electronic payment instrument under the country's Payment Services Act, a category meant for foreign-issued stablecoins that meet Japanese standards.
- A stablecoin is a crypto token designed to hold a steady value, in this case pegged to the U.S. dollar.
- Japan runs one of the strictest stablecoin regimes in the world, so clearing a foreign-issued dollar stablecoin for both institutional and retail use is a key regulatory step.
The Japan Financial Services Agency approved RLUSD as a new type of electronic payment instrument under the country's Payment Services Act, a category meant for foreign-issued stablecoins that meet Japanese standards.
A stablecoin is a crypto token designed to hold a steady value, in this case pegged to the U.S. dollar. RLUSD will be available to both institutions and retail customers through SBI VC Trade, the digital asset arm of Japanese financial group SBI, on its VCTRADE platform.
Japan runs one of the strictest stablecoin regimes in the world, so clearing a foreign-issued dollar stablecoin for both institutional and retail use is a key regulatory step.
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