Ripple has expanded the reach of its USD-backed stablecoin RLUSD into Türkiye, partnering with local platforms BiLira, Bitexen and Bitlo to give institutions access to the asset in one of the MENA region’s most active crypto markets. The move, announced June 2, extends Ripple’s bid to position RLUSD as an enterprise-grade dollar for payments, tokenization and collateral.
RLUSD — launched in late 2024 — has already achieved roughly $1.7 billion in market capitalization, according to Ripple, driven by growing institutional demand for a compliance-focused digital dollar. “RLUSD has rapidly gained traction in financial use cases, serving as a vital bridge for payments, tokenization, and collateral management,” said Jack McDonald, Ripple’s SVP of Stablecoins. He added that the Türkiye rollout supports Ripple’s aim to offer a regulated USD asset that helps businesses access liquidity beyond local markets.
Why Türkiye matters
Ripple pointed to Chainalysis’ 2025 Geography of Crypto Report to explain the timing: Türkiye remains the dominant crypto market in the MENA region, handling nearly $200 billion in annual transaction volume — roughly four times that of regional peers. Ripple also cited regulatory progress: Türkiye’s Capital Markets Board implemented a licensing framework in 2024 that shifted the market from speculative retail trading toward a more structured, institutional environment, creating clearer pathways for global firms to collaborate with domestic partners.
The local partners
- BiLira: Acts across stablecoin issuance, exchange services and market-making. Co-founder Sinan Koç framed the partnership as an extension of BiLira’s mission to bridge fiat rails and digital finance, emphasizing regulatory integrity and broader access to RLUSD for clients.
- Bitexen: Provides trading, custody and services across Türkiye, the Middle East, South Africa and Europe. Alphan Göğüş, CEO at Bitexen MENA, said Türkiye is the first stop in a broader rollout across Bitexen Global’s multi-jurisdiction infrastructure, which connects local markets to global liquidity.
- Bitlo: A popular local exchange founded in 2018. CEO Mustafa Alpay highlighted the benefits of a regulated, dollar-denominated stablecoin for Turkish users seeking volatility management and access to global markets.
Wider availability and academic tie-up
RLUSD is already listed with major global platforms, including Binance, Bitso, Bitstamp, ByBit, Gemini, Kraken, LMAX and OKX. Alongside the Türkiye market entry, Ripple announced an academic partnership with Istanbul Technical University under its University Blockchain Research Initiative. Funded via RLUSD, the collaboration will support research projects, graduate fellowships and the installation of an XRP Ledger validator on ITU’s campus.
Market snapshot
At the time of the announcement, XRP was trading around $1.26.
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