Ripple's regulated stablecoin RLUSD has surpassed $1.8 billion in market capitalization as it enters Turkey, one of the world's largest crypto markets processing nearly $200 billion in annual transaction volume.
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Ripple's RLUSD stablecoin tops $1.8B market cap with Turkey expansion
Ripple's RLUSD stablecoin surpassed $1.8 billion in market capitalization on Tuesday as the token launched in Turkey through partnerships with three local crypto platforms, marking the latest push into a market where digital assets serve as a hedge against lira volatility and high inflation.
"RLUSD has rapidly gained traction in financial use cases, serving as a vital bridge for payments, tokenization and collateral management," Jack McDonald, senior vice president of stablecoins at Ripple, said. "As enterprise demand scales globally, launching in Turkey represents a milestone in our expansion."
The stablecoin is now available to institutional clients through BiLira, Bitexen and Bitlo, three Turkish crypto asset service providers that will use RLUSD as a dollar-denominated settlement asset. Turkey processed roughly $200 billion in annual crypto transaction volume, according to Chainalysis, making it the dominant market in the Middle East and North Africa region. The country's Capital Markets Board introduced a comprehensive licensing framework in 2024, with the final deadline for full operating licenses set for June 29. Turkish residents are permitted to hold and trade stablecoins through licensed providers.
The expansion positions RLUSD to capture institutional demand in a market where crypto adoption has matured beyond retail speculation. The CMB conducted strict audits on crypto asset service providers through 2025 and into 2026, and those operating without authorization after the June deadline face severe criminal sanctions. Ripple also added Istanbul Technical University to its University Blockchain Research Initiative, funding graduate fellowships and blockchain research through RLUSD, with the university set to host an XRP Ledger validator node on campus.
Supply dynamics and market positioning
RLUSD, which launched in December 2024, is fully backed by US dollar deposits, Treasuries and cash equivalents. The token is issued on both the XRP Ledger and Ethereum, with $613 million of its supply on XRPL and $1.09 billion on Ethereum as of the end of May, according to the RL tracker website. The XRPL portion has grown more than 80% from $340.3 million reported at the close of the first quarter of 2026, according to Messari.
The stablecoin's supply dynamics have shifted in recent weeks. In the last 30 days, Ripple minted 304.4 million RLUSD while burning 396.8 million tokens, a net reduction of more than $92 million. The burn engine has gone quiet since late May, with no RLUSD burned in the first two days of June, while $6.2 million was minted on June 1 alone.
RLUSD is now available on major global exchanges including Binance, Bitstamp, Kraken, OKX, Bitso, ByBit, Gemini and LMAX, giving institutional clients multiple access points for dollar-denominated settlement. The token competes directly with Circle's USDC and Tether's USDT in the regulated stablecoin segment, where compliance with local licensing frameworks has become a key differentiator for institutional adoption.
The Turkey launch comes as Ripple integrates RLUSD across its financial products, including payments, treasury management, prime brokerage and custody, allowing supply to grow from real institutional demand rather than exchange liquidity alone. With the June 29 licensing deadline approaching, the number of regulated stablecoin options available to Turkish institutions remains limited, giving RLUSD a potential first-mover advantage in the market.
This article is for informational purposes only and does not constitute investment advice.
