SBI’s Ripple-Powered USDC Pilot Launches in Japan: QR Code Payments Go Crypto

Japan's financial giant SBI just flipped the switch on a live USDC payment pilot—and it's running on Ripple rails. This isn't a sandbox test; it's a real-world trial for QR code transactions, aiming to prove stablecoins can handle the daily grind of consumer payments.

Why This Pilot Cuts Through the Noise

Forget theoretical use cases. This pilot targets the concrete action of scanning and paying. It directly challenges the notion that crypto is only for speculation or large transfers. By leveraging USDC's price stability and Ripple's settlement tech, SBI is testing a system designed for speed and cost-efficiency that traditional banking pipes struggle to match.

The Regulatory Tightrope Walk

Launching this in Japan is a strategic power move. The country's Financial Services Agency (FSA) has been cautiously shaping its digital asset rules, and a successful pilot from a heavyweight like SBI could tilt the regulatory scales further toward mainstream adoption. It's a high-stakes demonstration for watchdogs worldwide.

A Nudge to the Old Guard

This move bypasses the slow, fee-laden corridors of cross-border finance, offering a glimpse at a system where value moves as easily as information. It's a quiet jab at legacy banking—proving that sometimes the most disruptive technology doesn't just enable new things; it makes the old, expensive way look obsolete.

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.

A new cashless payment model using USDC not RLUSD despite its parent company’s DEEP longstanding relationship with Ripple. Reflects that RLUSD was not sufficiently ready in March 2025 when SBI VC Trade became Japan’s first registered Electronic Payment Instruments Exchange… https://t.co/q2XVEu8taO

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.

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.