Ripple Expands Crypto Services in Turkey’s Growing $200B Market
Ripple is expanding its crypto services in Turkey as the country’s $200 billion digital asset market navigates a new regulatory phase. The company is partnering with Garanti BBVA to offer crypto custody services and increasing access to its dollar-backed stablecoin, RLUSD, on local exchanges. This move comes as Turkish users and institutions seek stable alternatives amid ongoing pressure on the Turkish lira.
Turkey’s crypto market has seen significant growth, driven by retail investors looking to hedge against currency volatility. Chainalysis estimates that the total volume of crypto transactions in Turkey reached nearly $200 billion annually, with crypto inflows projected at approximately $878 billion between 2021 and mid-2025. The country has climbed to fifth place in the TRM Labs global adoption index, reflecting a 7% year-over-year increase in retail crypto trading volume early in 2026.
Ripple’s managing director for the Middle East and Africa, Reece Merrick, noted that retail investors initially led the charge during the currency crisis, with institutions now following suit. Turkey’s regulatory framework has also matured, with new laws empowering the Capital Markets Board to oversee crypto activities and introduce licensing, capital requirements, and anti-money laundering obligations.
In July 2024, Turkey enacted Law No. 7518, establishing a formal crypto regulatory regime. Secondary rules later introduced custody regulations, effective in June 2026, which have provided clearer guidelines for Crypto Asset Service Providers. Ripple has leveraged this regulatory clarity to expand its infrastructure, including a successful pilot with Garanti BBVA Kripto, which now offers custody services for Bitcoin, Ether, and XRP.
Additionally, Ripple has increased the availability of RLUSD on Turkish platforms like BiLira, Bitlo, and Bitexen. These exchanges provide local users and institutions with access to dollar-denominated liquidity, offering a stable alternative to the volatile Turkish lira. While stablecoins present risks related to reserves, regulation, liquidity, and redemption, their adoption continues to grow in Turkey’s evolving digital asset ecosystem.