Ripple Expands RLUSD to Turkey, Targeting Institutional Dollar Liquidity
Summary
- Ripple said it is expanding RLUSD into Turkey to provide corporate dollar liquidity.
- Ripple is pursuing the expansion of RLUSD for Turkish institutional investors through partnerships with BiLira, Bitexen and Bitlo.
- The market views Ripple’s RLUSD expansion as part of intensifying competition in the stablecoin sector.
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Ripple is expanding its dollar-pegged stablecoin RLUSD into Turkey as it seeks to provide local institutional investors with access to corporate dollar liquidity.
Cointelegraph reported on June 2 via X, formerly known as Twitter, that Ripple will expand RLUSD in Turkey through partnerships with local firms BiLira, Bitexen and Bitlo.
RLUSD is Ripple’s US dollar-linked stablecoin. The partnerships will give Turkish institutions access to enterprise-grade dollar liquidity.
Turkey is considered a market with strong demand for dollar-based digital payments and stablecoins because of high inflation and exchange-rate volatility. Ripple is looking to broaden RLUSD’s use case through cooperation with local digital-asset companies.
The expansion comes as competition in the stablecoin market intensifies. Dollar-pegged stablecoins are still dominated by Tether’s USDT and USD Coin, or USDC, but global payments companies and blockchain firms are also expanding products aimed at the institutional liquidity market.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.