Ripple has expanded its presence in the Middle East by launching its USD-backed stablecoin RLUSD in Turkey. Through partnerships with local platforms BiLira, Bitexen, and Bitlo, Turkish users now have direct access to a regulated, dollar-denominated digital asset for the first time.
The launch of RLUSD in Turkey is significant as it addresses the issue of inflation protection for Turkish users. The stablecoin offers a transparent and regulated way to preserve purchasing power through local exchanges recognized by Turkey's Capital Markets Board.
RLUSD has reached $1.7Bn in market capitalization since its launch, and Turkey processes nearly $200Bn in annual crypto transaction volume, making it one of the most consequential emerging markets Ripple has entered.