Ripple’s dollar stablecoin expands to Turkey through three local platforms
Key takeaways
- RLUSD has grown to about $1.7 billion in market capitalization since starting up in late 2024, onchain data shows.
- The country remains 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.
- The partnerships add RLUSD to BiLira, which issues the Turkish lira stablecoin TRYB and operates a local OTC desk, as well as Bitexen and Bitlo.
RLUSD has grown to about $1.7 billion in market capitalization since starting up in late 2024, onchain data shows. The company pitches the token for payments, tokenization and collateral use, areas where dollar stablecoins have become core market infrastructure for crypto firms and trading desks.
Turkey is a useful market for that push. The country remains 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 crypto products has also been shaped by inflation, currency volatility and growing regulation of digital asset platforms.
The partnerships add RLUSD to BiLira, which issues the Turkish lira stablecoin TRYB and operates a local OTC desk, as well as Bitexen and Bitlo.