Ripple, which won its legal battle against the SEC in the US and is making rapid strides in its global expansion, has made a move towards Türkiye.
Accordingly, Ripple will support its RLUSD stablecoin in Türkiye.
Ripple announced it has partnered with Turkish companies such as BiLira (the issuer of TRYB), Bitexen, and Bitlo to support its dollar-pegged stablecoin RLUSD in Türkiye.
At this point, Ripple has made its US dollar-backed stablecoin, RLUSD, available to institutional investors in Türkiye through new partnerships with BiLira, Bitexen, and Bitlo.
This will enable Turkish institutional investors to access institutional-level US dollar liquidity using RLUSD.
This move is part of RLUSD’s broader international expansion, which is of great importance to Ripple.
Ripple stated that Türkiye remains one of the largest cryptocurrency markets in the MENA region. Based on Chainalysis data, the company noted that the country has an annual cryptocurrency trading volume of approximately $200 billion.
Jack McDonald, Ripple’s Senior Vice President of Stablecoins, stated the following:
“RLUSD has rapidly gained momentum in financial use cases, serving as a vital bridge for payments, tokenization, and collateral management. With institutional demand increasing globally, launching in Türkiye marks a milestone in our expansion. Turkey is situated at the intersection of traditional finance and the digital economy and boasts one of the highest cryptocurrency adoption rates in the world. By providing a transparent and fully regulated, stable, USD-backed asset, we enable Turkish businesses to access global liquidity.”
*This is not investment advice.
