Points of Focus

• Ripple expands RLUSD stablecoin into Japan.
• The Bank of England loosens stablecoin issuance restrictions.
• SBI Group announces the launch of a new yen-based, trust bank-backed stablecoin.

And on the other side of the world, the Bank of England loosened stablecoin restrictions, dropping a strict holding cap for a £40 billion ‘guardrail’ and raising the limit that issuers can hold to 70%.

Also worth noting: MoneyGram joined the Solana network as a validator, providing further price stability for the top-10 crypto.  

Key story of the week: Japan goes big on stablecoins

Don’t overlook Japan’s impact on the global financial market. The country is still the world’s fourth-largest economy, and maintains a reputation as a tech powerhouse

That helps explain why Ripple was so keen to expand its RLUSD stablecoin:

The move is another notch in Ripple’s belt. The stablecoin’s market cap has grown around 300% over the past year as the next-generation stablecoin embraces the new financially regulated crypto economy. RLUSD’s launch in Japan was facilitated by Japanese financial powerhouse SBI Holdings. 

SBI accounted for the second major bit of Japanese-related stablecoin news this week, announcing the launch of a yen-based stablecoin JPYSC. That stablecoin is fully certified as a form of electronic payments and should find a natural home with Japan’s corporate interests and a potential use in the country’s vibrant forex market.

Together, both moves indicate how SBI Holdings – a $214B company – is spearheading Japan’s continued embrace of stablecoins as part of an integrated and modern financial marketplace.

Market snapshot: supply, volume and dominance this week

• Total supply: $309B | -0.2% 7d
• USDT dominance: 59% | USDC supply: $74B
• Onchain volume: $363.7B | -38% vs prior week

Source: DefiLlama. On-chain volume from 14-21 June. Data as of 25 JUNE 2026, 12:40 UTC].

Market structure: issuers, chains and supply shifts

• Ripple’s RLUSD: The clear winner for the week was Ripple’s USD-based stablecoin, which expanded in Japan to much fanfare. Ripple press release.
• XRPL: Ripple’s XRP ledger saw a $59M increase in stablecoin marketcap this week, up nearly 8% and one of the biggest increases.  DefiLlama.

Stablecoin regulation this week: GENIUS Act, MiCA and global policy moves 

On the regulatory side, it’s worth noting the Bank of England’s moves. Initial reports on a proposed structure for sterling-denominated stablecoins highlighted restrictions on the percentage of new stablecoin holders could retain. Originally, individuals would have been capped at £20,000, while corporations could not have held more than £10 million.

The BoE reversed course, dropping the holding limits in favour of a more macro-oriented total circulation limit of £40B per stablecoin. For comparison, a £40 billion stablecoin would rank as a top-6 crypto by market cap.

The BoE’s move comes as the deadline nears for Europe’s complete transition to the full MiCA regulatory suite. Any crypto issuers who aren’t in full compliance by July 1 risk losing their ability to do business in the EU.

Quote of the week: What industry leaders are saying about stablecoins 

 “MiCA has helped to unlock a new wave of institutional digital assets adoption, and we are seeing that demand accelerate across the region.” Cassie Craddock, Managing Director, UK & Europe at Ripple.

The above quote came in one of Ripple’s several press releases this week, relating in particular to a potential expansion into Luxembourg. Importantly, that move would put Ripple in a fully MiCA-compliant environment, ready for further moves across the European Economic Area..

What to watch next week

• Keep an eye on Avalanche: Stablecoin marketcap on the chain grew to 1.47 billion, up nearly 6% over the week.
• GENIUS Act developments will continue to gain attention, as stablecoins continue to carve out a unique, bank-like niche in the American financial system.