Japan’s SBI Group announced plans to launch a yen-backed stablecoin on the XRP Ledger, marking a significant step in the country’s cryptocurrency adoption.
The initiative comes through SBI Ripple Asia, a joint venture between SBI Holdings and U.S. fintech company Ripple established in 2016. SBI holds a 40% stake in the partnership, which has focused on creating cross-border payment solutions across Japan and Asia.
The $YEN stablecoin aims to facilitate faster, cheaper international transactions through RippleNet, Ripple’s global payment network connecting financial institutions in more than 70 countries.
Details emerged June 8 through a document shared on social media platform X. The document also outlined SBI’s plan to acquire Ripple Asia using cash, scheduled for April 9, 2025.
SBI plans to issue a non-fungible token for EXPO 2025 in Osaka, collaborating with major Japanese banks including SMBC Group and Mitsubishi UFJ Financial Group. The NFT will integrate with a digital wallet demonstrating XRP Ledger applications.
The project builds on SBI’s earlier Web3 initiatives, including the “Bto3” community launched in August 2024 to promote XRP Ledger adoption through NFT marketplaces.
Japan’s clear cryptocurrency regulations have supported the development. Ripple established a Japan & Korea Fund offering up to $200,000 per project for XRP Ledger innovations, part of a $1 billion ecosystem investment.
XRP, the XRP Ledger’s native cryptocurrency, traded at $2.26 as of June 9, according to market data.
Some social media users questioned the document’s authenticity, though neither SBI nor Ripple has issued official responses.
The stablecoin integration represents Japan’s growing embrace of digital assets and could influence how other nations approach cryptocurrency adoption in traditional banking systems.
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