Ripple Expands in Turkey with Custody and Stablecoin Push
Ripple is making a significant push into Turkey, focusing on two key products that do not require users to hold its native token, XRP. The company is offering custody services to Garanti BBVA Kripto, the crypto division of one of Turkey's largest banks, and promoting RLUSD, its dollar-backed stablecoin, on three local exchanges: BiLira, Bitexen, and Bitlo. RLUSD, which has surpassed $2 billion in market cap, provides a stable alternative to the volatile Turkish lira, addressing the needs of savers seeking dollar stability.
The falling value of the lira has driven many Turkish savers to seek assets that maintain their value, with the U.S. dollar being a popular choice. RLUSD, backed by cash and short-term U.S. government debt, directly addresses this need. In contrast, XRP's value has fallen about 59% from its peak, making it a less appealing option for those trying to escape lira volatility. Ripple's custody service, which safely holds cryptocurrency for customers, has been used by Garanti BBVA Kripto since late 2024, with the partnership renewed in January 2026.
While Ripple's expansion in Turkey includes operating an XRP Ledger validator at Istanbul Technical University, the company has not disclosed customer numbers, transaction volumes, or fees for its services. This leaves the scale of its Turkish operations unclear. RLUSD's ability to perform similar functions to XRP without price volatility creates internal competition within Ripple's own product lineup. As of August, RLUSD's market value reached $2 billion, while XRP's market value has declined to around $95 billion.
The Turkish market primarily favors RLUSD growth rather than XRP, as the country sees nearly $200 billion in annual crypto transactions. Ripple's expansion does not directly create new buyers or demand for XRP, with the price of the token depending on buyers with little connection to Turkish savers. The situation could change if Ripple or its Turkish partners designate XRP as the primary asset for transactions in the country.