Ripple announced that its dollar-backed stablecoin RLUSD is now available to institutional clients in Turkey through three local cryptocurrency platforms.
On June 2, Ripple said the rollout integrates RLUSD with BiLira, Bitexen and Bitlo. The move targets corporate and institutional users in a market that recorded nearly $200 billion in annual crypto transactions, according to Chainalysis data cited by the company. RLUSD has grown to a $1.7 billion market capitalization since its launch in late 2024. Ripple executives position the token for payments, tokenization and collateral management amid Turkey's regulatory tightening that began with licensing rules in July 2024. Istanbul Technical University has also joined Ripple's University Blockchain Research Initiative. The partnership, funded in RLUSD, will establish an XRP Ledger validator node on campus and support graduate fellowships and blockchain research. Jack McDonald, senior vice president of stablecoins at Ripple, said RLUSD serves as a bridge for enterprise operations. Mustafa Alpay, CEO at Bitlo, noted the integration offers customers a regulated option for digital dollars.
