Ripple Expands in Turkey With Custody and Stablecoin but Leaves XRP Behind
Ripple has expanded its operations into Turkey, signing deals with a major Turkish bank and three local crypto exchanges. However, the company's focus is not on its native token, XRP, but rather on custody services and its dollar-backed stablecoin, RLUSD. This move comes as the Turkish lira continues to depreciate, driving many locals to seek stable alternatives like RLUSD.
On June 2, 2026, Ripple launched RLUSD in Turkey through BiLira, Bitexen, and Bitlo. According to a 2025 Chainalysis report, Turkey sees nearly $200 billion in annual crypto transactions, with users increasingly turning to crypto to hedge against the lira's decline. As of October 6, XRP trades at $1.51, down about 49% over the past year, making it a less attractive option for Turkish savers looking for stability.
Ripple's custody service is now used by Garanti BBVA Kripto, the crypto division of one of Turkey's largest banks. The partnership, renewed in January 2026, allows Ripple to provide secure storage for cryptocurrencies, including XRP, Bitcoin, and Ethereum. Additionally, Ripple plans to operate an XRP Ledger validator at Istanbul Technical University. However, the company has not disclosed customer numbers, transaction volumes, or fees, leaving the scale of its Turkish operations unclear.
Despite these developments, Ripple's expansion into Turkey does not directly benefit XRP holders. RLUSD, which maintains a stable value of one dollar, is better suited to Turkish savers looking to escape the lira's volatility. As of August, RLUSD surpassed a market value of $2 billion, while XRP's market value has declined to around $95 billion. Unless Ripple or its partners designate XRP as the primary asset for transactions in Turkey, the token's price is unlikely to see a significant boost from this expansion.