Ripple Expands in Turkey’s $200 Billion Crypto Market
Ripple is expanding its presence in Turkey’s burgeoning crypto market, which recorded nearly $200 billion in annual transactions, according to Chainalysis. The company is leveraging partnerships with Garanti BBVA and local exchanges to offer custody solutions and its dollar-backed stablecoin, Ripple USD (RLUSD). This move comes as Turkish consumers and institutions seek alternatives to the lira amid inflation and currency depreciation.
Garanti BBVA’s digital asset service, powered by Ripple Custody and IBM’s infrastructure, is now available to all customers. The service supports bitcoin, ether, and XRP, allowing users to store, transfer, and convert these assets. Reece Merrick, Ripple’s managing director for the Middle East and Africa, emphasized the demand for regulated, dollar-backed liquidity in the region.
Domestic exchanges BiLira and Bitlo are distributing RLUSD, providing Turkish users with access to stablecoins pegged to the U.S. dollar. This offers a hedge against local currency volatility. The stablecoin is issued by Standard Custody & Trust Company under New York Department of Financial Services oversight, with segregated reserves and independent attestations ensuring transparency.
Turkey’s regulatory framework has evolved to support these services, with legislation effective July 2, 2024, and March 13, 2025, establishing operating requirements and anti-money laundering obligations. Ripple positions itself as the only infrastructure provider meeting the regulator’s standards for institutional custodians, highlighting compliance and operational safeguards as key to its strategy.