RLUSD’s Japan Launch Is Only Part of the Story
What USDC, RLUSD, and JPYSC reveal about Japan’s emerging stablecoin access model, legal routes, platform functions, and the difference between availability and unrestricted circulation.
Independent stablecoin historical registerRegistry reviewed through
Stable or Gone
A source-backed record of stable assets, the organizations connected to them, the events that changed them, and the questions that remain unresolved.
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Latest material changes
VCHF remains active after its 2022 launch and multichain expansion
VCHF launched on December 15, 2022 and remains represented across multiple networks with issuer and market access documented separately from the original launch.
Read event recordUSK remains limited during repayment-only wind-down
USK launched in 2022 but is now in an orderly wind-down. First-party Rujira documentation states that new USK debt is disabled while existing positions remain repayable during the Kujira-to-Rujira transition.
Read event recordSBI VC Trade begins RLUSD handling in Japan
SBI VC Trade began handling RLUSD in Japan as a Type 4 electronic payment instrument, adding a regulated Japanese distribution and access route without changing RLUSD's global launch date or active status.
Read event recordJPYSC begins restricted account-internal distribution
JPYSC launched through SBI VC Trade as a trust-issued Japanese-yen stablecoin. Initial use was limited to eligible platform accounts, with external-wallet transfer and public-chain circulation unavailable.
Read event recordAccountable terminates verification services for MainStreet
Accountable ended its service relationship with MainStreet after stating that MainStreet did not meet its verification standards, removing the previously available public reserve-verification path.
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Record maintenance
Recently reviewed stablecoin records
| Record | Symbol | Lifecycle | Primary organization | Last reviewed |
|---|---|---|---|---|
| StraitsX USD | XUSD | Active | StraitsX Singapore | |
| USDB | USDB | Active | Blast | |
| AUDD | AUDD | Unknown | AUDD | |
| CADC | CADC | Active | Loon Technology Inc. | |
| NZD Stablecoin | NZDS | Unknown | Techemynt | |
| PHPC | PHPC | Restricted | Coins.ph | |
| StablR Euro | EURR | Restricted | StablR Ltd. | |
| StablR USD | USDR | Restricted | StablR Ltd. |
Editorial desk
Guides and explanations
After MiCA: Which Stablecoins Can Europeans Actually Use?
A reviewed guide to EU/EEA stablecoin access, separating issuer status, platform state, customer scope, product functions, direct mint and redemption routes, payment rails, supported networks, and dates.
Open USD Explained: Who Gets the Reserve Income?
Open Standard says partners will receive all reserve earnings after a small management fee. This guide separates that partner model from holder yield and records what is still unknown before launch.
UK Stablecoin Rules: Capital Is Not Backing
What the reported cut from a 2% to 1% issuer-capital requirement means, why it does not halve stablecoin backing, and how the FCA and Bank of England regimes differ.