Ripple has officially launched its RLUSD stablecoin in Turkey, leveraging partnerships with local fintech firm BiLira, crypto exchange Bitexen, and trading platform Bitlo. This expansion targets Turkey's crypto market, which sees nearly $200 billion in annual trading volume. Jack McDonald, Senior Vice President of Stablecoins at Ripple, noted that RLUSD's market capitalization has already reached $1.7 billion, and the Turkish rollout represents a significant milestone in the company's global growth strategy.
Turkey stands as the largest cryptocurrency market in the Middle East and North Africa (MENA) region. In 2024, the country's Capital Markets Board introduced a licensing framework that accelerated the shift from speculative retail trading to a more structured, institutionally focused ecosystem. Under the partnership, BiLira will serve as the stablecoin issuer and market maker, Bitexen will provide trading and custody services, and Bitlo will act as a trading venue, jointly building a localized operational network for RLUSD.
The launch underscores Ripple's commitment to expanding its stablecoin footprint in regulated markets and highlights Turkey's transition to a more institutional crypto ecosystem under its new licensing regime.