Ripple has officially launched its RLUSD stablecoin in Turkey by partnering with three local platforms: BiLira, Bitexen, and Bitlo. This initiative aims to increase the accessibility of the dollar-backed stablecoin for Turkish institutions.
Local Platforms to Support Ripple's RLUSD in Turkey
Ripple's RLUSD stablecoin, which debuted in late 2024, has already garnered a market capitalization of around $1.7 billion. It is designed for use in payments, tokenization, and as collateral, offering crucial functionalities for cryptocurrency businesses, especially in a landscape marked by inflation and currency volatility.
Key Highlights:
- Ripple is expanding its RLUSD stablecoin into the Turkish market through collaborations with BiLira, Bitexen, and Bitlo.
- Turkey is a significant market for cryptocurrencies, boasting an annual transaction volume of nearly $200 billion, driven by inflation and currency instability.
- As part of its expansion, Istanbul Technical University will join Ripple’s University Blockchain Research Initiative, funded in RLUSD, to support research and establish an XRP Ledger validator on campus.
These partnerships will facilitate the integration of RLUSD into BiLira, which issues the TRYB Turkish lira stablecoin and operates a local over-the-counter (OTC) desk, along with Bitexen and Bitlo. The RLUSD stablecoin ranks as the eighth-largest stablecoin by market capitalization and is available on major exchanges such as Binance, Bitstamp, Bybit, Gemini, Kraken, and OKX. In the wider stablecoin market, Tether's USDT remains the leader with a market cap of $188 billion.
