RLUSD distribution expands in Turkey after market value reaches $1.7 billion
Key Facts
Distribution of Ripple's RLUSD stablecoin has expanded in Turkey through Inveo Crypto, according to coverage published by Son Dakika, after the token entered the local market through partnerships the company announced in June. Ripple announced on 2 June 2026 that the token was available to Turkish institutions through BiLira, Bitexen and Bitlo. The company said in its expansion announcement at the time that the token's market value had reached about $1.7 billion. Availability through Inveo included mobile applications, web platforms and over-the-counter trading channels, according to the report. These channels add a local distribution route for the token to the partnerships Ripple established to target Turkish institutions.
The expansion comes in a market where Ripple said retail cryptocurrency trading volume reached $40 billion in early 2026. According to the company, that volume rose 7% year on year compared with the corresponding period of the previous year. Regulatory requirements for the sector set by Turkey's Capital Markets Board include independent audits of crypto asset service providers. They also include proof-of-reserves audits, according to the board's announcement on rules governing these providers. The board thus includes audits of service providers' operations and reserves among the regulatory requirements for operating in the Turkish market.
On asset custody on the platform, Inveo Crypto says all crypto assets purchased by customers through its platform are held at Misyon Bank. The company says custody is provided on servers located within Turkey, using highly secure encryption. According to its description, assets are placed in dedicated customer wallets under the custody arrangements the platform offers its users. As for the company's ownership structure, InveoChain describes itself as the main shareholder in Inveo Crypto. This structure links the crypto asset trading platform to the investment group's ecosystem, while the bank holds the assets under the arrangements disclosed by the platform.
Ripple says RLUSD is fully backed by reserves on a 1:1 basis, consisting of cash, U.S. Treasury securities and government money market funds. According to the company's product description, an independent accounting firm verifies these reserves monthly. The token's issuer is supervised by the New York State Department of Financial Services, according to Ripple. The company's documents also state that the token is redeemable for U.S. dollars on a 1:1 basis. The company thus sets out product arrangements covering the assets used to back it, their periodic verification and supervision of the issuer, alongside the terms for redemption in dollars.
The Turkish presence was preceded by a global launch that Ripple scheduled to begin on 17 December 2024, when it announced RLUSD's availability on international trading platforms. The initial list of platforms included CoinMENA, alongside the other platforms named in the company's announcement. On the technical side, Ripple's documentation says the token is issued natively on the XRP Ledger. It is also issued on networks compatible with the Ethereum Virtual Machine, according to the supported-network documentation. The token's distribution thus combines availability through trading platforms, including CoinMENA and Turkish platforms, with issuance on the networks specified in the product documentation.
Jack McDonald, Ripple's head of stablecoins, said in the Turkish expansion announcement that RLUSD serves as a "vital bridge for payments, tokenization and collateral management." Describing its financial uses, he added that the token had "rapidly gained momentum." In Turkey, the central bank's regulation states that crypto assets "may not be used directly or indirectly in payments." The regulation set the ban's effective date at 30 April 2021. The use of crypto assets in payments within Turkey remains subject to this prohibition, covering both direct and indirect use, alongside the rules governing their service providers.