Ripple's RLUSD Stablecoin Faces Resistance in Japan Despite XRP's Strong Foothold

Japan has been one of Ripple's most consistent markets. SBI first invested in Ripple in 2016. SBI Remit launched Japan's first XRP-based international remittance corridor in 2021. SBI VC Trade reports XRP as one of its most traded assets. When Ripple and SBI announced in August 2025 that SBI VC Trade planned to distribute RLUSD in Japan, the move looked like a logical extension of an established partnership. A survey of 518 investment professionals in Japan, conducted by Nomura and Laser Digital between December 2025 and January 2026 and released April 16, offers some context. 63% of respondents saw potential use cases for stablecoins across treasury management, cross-border payments, crypto investment, and tokenized securities. However, the data reveals a clear trust gap. Across JPY, USD, and EUR denominations, stablecoins issued by major financial institutions ranked highest in institutional trust. Crypto-native issuers ranked lowest. This is the tension. Japan may be Ripple's most receptive market, but it is also where the ceiling for crypto-branded stablecoins becomes measurable. Why Japan was expected to be different is worth examining. Ripple's position there extends beyond typical distribution deals. SBI Ripple Asia, a joint venture created from SBI's 2016 investment, has functioned as part of Ripple's regional infrastructure for nearly a decade. SBI Remit began using Ripple Payments in 2017 and expanded XRP-based remittance corridors into the Philippines, Vietnam, and other markets. I think the survey results suggest that institutional trust in Japan remains anchored to traditional banking names, even among respondents who actively use crypto products. The question for Coincex and similar platforms is whether crypto-native stablecoins can gain institutional traction in markets where megabanks dominate trust, or if distribution through local partners alone is sufficient.