Ripple is pushing further into Turkey, targeting one of the world's most active crypto markets as persistent lira depreciation drives consumers and institutions toward digital alternatives. B
Ripple is pushing further into Turkey, targeting one of the world's most active crypto markets as persistent lira depreciation drives consumers and institutions toward digital alternatives.
Ripple's Turkish strategy rests on two pillars. Garanti BBVA Kripto, the Turkish bank's digital asset subsidiary, combines Ripple Custody with IBM's infrastructure to protect customer assets.The custody collaboration was announced in October 2024 and, after a 2023 pilot, was subsequently rolled out to the bank's entire customer base.Customers can custody, transfer and convert Bitcoin ($BTC), Ether ($ETH) and $XRP through the service.
On the stablecoin side, RLUSD is now listed on several Turkish exchanges, including BiLira and Bitlo, expanding regulated, dollar-backed liquidity to Turkish users and institutions.Ripple USD (RLUSD) became available to institutions in Turkey through BiLira, Bitexen and Bitlo on June 2, 2026.
Reece Merrick, Ripple's Managing Director for the Middle East and Africa, framed the stablecoin push around currency dynamics: Merrick linked stablecoin use to demand for dollar-backed assets, noting "We're seeing genuine demand for regulated, dollar-backed liquidity, and that's why stablecoins like RLUSD matter here in a very practical way."
The scale of Turkey's crypto market gives Ripple's expansion clear commercial logic. Blockchain analytics firm Chainalysis placed Turkey's annual transaction volume at nearly $200 billion in an analysis published October 23, 2025, with cumulative inflows of approximately $878 billion from early 2021 through mid-2025.Turkey ranked 14th on Chainalysis' 2025 Global Crypto Adoption Index and led the Middle East and North Africa by transaction volume.
Chainalysis findings pointed to growing speculative altcoin trading alongside attempts to preserve purchasing power amid inflation and lira depreciation.Turkey's lira has fallen to a record low near 48.8 per dollar, while inflation still runs above 31% officially, pushing Turkish households to park savings in alternative assets including crypto.
Regulatory clarity is also emerging. Turkey's Capital Markets Board put crypto service-provider rules into effect in March 2025, covering providers' establishment, operations and capital adequacy, along with custody, transfers and other services. That framework strengthens the case for regulated operators like Ripple to scale up partnerships with licensed local institutions.
Sources:Ripple: How Türkiye Has Become a Digital Assets HubBitcoin.com News: Ripple Targets Turkey's $200 Billion Crypto MarketCryptoNews: Turkey Leads MENA with $200B in Crypto Volume
