SBI VC Trade and Ripple Reach Agreement to Issue 'RLUSD', Aiming for Stablecoin Circulation Within the Year

SBI Holdings' cryptocurrency exchange, SBI VC Trade, announced on the 22nd that it has signed a basic agreement with Ripple's subsidiary, Standard Custody & Trust Company. The agreement aims to issue and circulate the US dollar-denominated stablecoin 'Ripple USD (RLUSD)' within Japan, with plans to start handling it within the fiscal year 2025. RLUSD will be backed 100% by reserve assets such as US dollar deposits, short-term US treasury securities, and cash equivalents. Additionally, it will undergo monthly audits by an independent accounting firm, emphasizing a design focused on transparency and regulatory compliance.