Ripple-Linked SBI Launches USDC Payment Pilot in Japan for QR Code Transactions

Ripple appears to be having an ongoing collaboration with SBI Group, which is all in the past for this firm, which is now on its way to testing a new cashless payment solution in Japan utilizing USDC, which is a US dollar-pegged stablecoin released by Circle. Its pilot test is to roll out in spring 2026.

The platform will be managed by SBI VC Trade, which is Japan’s only registered operator for managing stablecoins, in collaboration with APLUS, a payment services firm with links to a massive chain of retail outlets. This effectively means consumers can pay using USDC while the outlets receive Japanese yen.

Investors who hold USDC on a private wallet, such as MetaMask, will scan a QR code provided by a store to effect a transaction. SBI VC Trade will subsequently change USDC to Japanese yen and transfer it to APLUS, which then delivers it to a merchant.

It is worth noting that SBI says that the new system is based on the experience the Osaka-Kansai Expo had with digital wallets for visitors. It will also be helpful for foreigners who would have easier payments with the digital dollars rather than carrying money.

SBI Chooses USDC Over Ripple’s RLUSD

The choice of USDC in particular has generated interest in light of SBI’s known affiliation with Ripple. Pro-XRP attorney Bill Morgan explained that “The fact that SBI’s chosen partner uses USDC instead of Ripple’s token may simply be a reflection of Ripple’s timing.” Indeed, when SBI VC Trade became Japan’s first registered stablecoin provider in March 2025, RLUSD was not yet ready for utilization, while SBI had an existing functional partnership with Circle.

Morgan further explained that the RLUSD is anticipated to eventually catch up because the rollout of Ripple’s stablecoins was delayed due to the legal case filed by the US Securities and Exchange Commission against Ripple. Nonetheless, the RLUSD is a major milestone for Ripple, according to Morgan.

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SBI Expands Stablecoin Payments in Japan

If all goes well, SBI and APLUS intend to begin implementing the system in additional stores and maybe even use stablecoin payments throughout Japan in general. It is just another move towards making shopping simpler for locals and tourists in Japan.

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