CoinDesk
Ripple's dollar-backed stablecoin RLUSD is expanding into Turkey through partnerships with BiLira, Bitexen and Bitlo, targeting a market shaped by persistent inflation and currency volatility. RLUSD has grown to roughly $1.7 billion in market capitalization since its late-2024 debut, making it the eighth-largest stablecoin globally.
Why it matters
Turkey is one of the largest crypto markets in the Middle East and North Africa, with nearly $200 billion in annual transaction volume according to Chainalysis data cited by Ripple. Local demand for dollar-linked products runs deep — inflation and lira weakness have made dollar stablecoins a practical hedge for Turkish institutions and retail traders alike. By partnering with BiLira (which already issues the Turkish lira stablecoin TRYB and runs a local OTC desk), Bitexen and Bitlo, Ripple gains immediate distribution across established local infrastructure rather than building from scratch.
Market impact
RLUSD is being positioned for payments, tokenization and collateral use — the same rails where USDT has become dominant at $188 billion in market cap. The Turkey push is a direct attempt to chip into that lead in high-demand emerging markets. Separately, Istanbul Technical University will join Ripple's University Blockchain Research Initiative, with funding denominated in RLUSD and an XRP Ledger validator deployed on campus — a move that embeds the token in academic infrastructure and signals a longer-term institutional play beyond pure trading volume.
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