Turkish crypto exchange Bitexen plans to roll out Ripple's USD-backed stablecoin RLUSD across its global network, extending the token's reach beyond Turkey into the Middle East, South Africa and Europe. The move builds on RLUSD's launch in Turkey a year ago, when Ripple partnered with Bitexen, BiLira and Bitlo to introduce the stablecoin in a market that handles nearly $200 billion in annual crypto transaction volume, according to Chainalysis.
RLUSD's Turkey foundation
Ripple first launched RLUSD in Turkey on June 2, 2025, through its partnerships with local exchanges BiLira, Bitexen and Bitlo. The stablecoin already had a market capitalization of $1.7 billion at the time of that announcement. RLUSD remains available globally through a separate set of partners including Binance, Bitso, Bitstamp, ByBit, Gemini, Kraken, LMAX and OKX.
Why Turkey
Turkey dominates the MENA region in crypto activity, per Chainalysis' 2025 report, and the country's Capital Markets Board moved to tighten oversight with a licensing framework rolled out in 2024. That regulatory shift, coupled with high retail adoption, has made Turkey a testbed for stablecoin issuers looking to operate within clearer rules. For Ripple, the Bitexen expansion effectively turns the Turkish launch into a springboard for broader regional coverage.
University tie-up
Ripple also added Istanbul Technical University as its latest partner in the University Blockchain Research Initiative. The program, which already includes dozens of institutions globally, aims to support blockchain research and curriculum development. The partnership deepens Ripple's academic footprint in a country where crypto usage is deeply embedded in daily transactions.
Bitexen hasn't set a public timeline for the multi-region rollout yet, but the exchange's move signals that RLUSD is being positioned as more than a Turkey-only product.
