Ripple said on June 2 that its USD-backed stablecoin RLUSD is now available to institutions in Türkiye through BiLira, Bitexen and Bitlo. The company said the rollout gives local institutional users access to a regulated digital dollar through domestic partners.
RLUSD launched in late 2024 and has grown to more than $1.7 billion in market capitalization. Ripple said the stablecoin is designed for payments, tokenization and collateral management across both crypto markets and traditional finance.
Türkiye stands out as a major stablecoin market
Ripple described Türkiye as one of the larger crypto markets in the MENA region. Citing Chainalysis data, the company said the country records close to $200 billion in annual crypto transaction volume. That scale helps explain why the company is extending RLUSD distribution there.
The launch follows Türkiye’s 2024 licensing framework for crypto asset service providers. Ripple said the framework has pushed the market toward supervised operations and created a clearer path for global firms to work with local platforms.
Jack McDonald, Ripple’s SVP of Stablecoins, said RLUSD has gained traction quickly in financial use cases. He added that Türkiye is a key market because it links traditional finance with the digital economy.
The three partners each outlined a different focus. BiLira said the partnership centers in part on regulatory standards. Bitexen said RLUSD matches its plan to offer USD-denominated instruments across several regions. Bitlo said users are looking for secure digital dollars to manage wealth and reduce exposure to volatility.
Istanbul Technical University joins Ripple research network
Ripple also named Istanbul Technical University as a new member of its University Blockchain Research Initiative, or UBRI. The partnership will support blockchain research, graduate fellowships and academic work through RLUSD.
The university will also run an XRP Ledger validator on campus. Ripple said that setup will connect academic research with live blockchain infrastructure and give students direct exposure to decentralized systems.
RLUSD expands its global distribution
RLUSD is already listed on major platforms including Binance, Bitstamp, Kraken, OKX, Gemini, Bybit, Bitso and LMAX. Ripple did not frame the Türkiye launch as a retail-only move. Its announcement focused on institutional users, corporate settlement and compliant access to dollar-backed stablecoins.
For Ripple, the rollout adds another local market to RLUSD’s global reach. For institutions in Türkiye, it introduces another regulated dollar-backed stablecoin option through domestic platforms.