Ripple expands crypto custody and RLUSD access in Turkey as its $200 billion crypto market enters a new regulatory phase.
Ripple is expanding its crypto services across Turkey as the country’s $200 billion digital asset market enters a new regulatory phase. The company is helping Garanti BBVA with crypto custody and increasing the availability of RLUSD on local exchanges. The decision follows the ongoing pressure on the Turkish lira and an interest by the country’s users and institutions to invest in dollar-backed assets.
Turkey’s Crypto Market Expands Under New Regulations
As consumers seek alternatives amid currency pressure, Turkey has emerged as a key digital asset market. Ripple is building its infrastructure by adding banks and local crypto exchanges in the meantime.
Chainalysis estimated that the total volume of crypto transactions in Turkey amounted to almost $200 billion per year. Furthermore, the total amount of crypto inflows was estimated to be approximately $878 billion between 2021 and mid-2025.
Retail investors have been a key figure in crypto adoption in Turkey. But businesses and financial institutions are now expanding their presence throughout the market.
Ripple is at @istfintechweek this week, right at the heart of one of the world’s fastest-growing digital asset markets.
Türkiye’s crypto growth didn’t occur by accident. Retail investors led the way, turning to crypto as a practical hedge against currency pressure. Now…
— Reece Merrick (@reece_merrick) October 5, 2026
Reece Merrick, Ripple’s managing director for the Middle East and Africa, highlighted Turkey’s growing digital asset activity. He said that retail investors were the initial adopters during the currency crisis.
Institutions are also now following retail users, Merrick added. He said Turkey’s regulations are also getting more sophisticated.
Early in 2026, retail crypto trading volume increased by 7% year-over-year to $40 billion. As a result, Turkey has jumped from seventh to fifth position in the TRM Labs global adoption index.
The country’s crypto growth is fueled by the pressure on the Turkish lira. As a result, dollar-backed stablecoins can provide an alternative means of dealing with currency exposure.
Ripple Expands Custody and RLUSD Access in Turkey
In July 2024, Turkey enacted a formal crypto regulatory regime with Law No. 7518. The law empowered the Capital Markets Board to regulate crypto asset activities.
Later, secondary rules introduced licensing, capital requirements, and anti-money laundering obligations. Additionally, new custody regulations went into effect in June 2026.
These developments led to a clearer set of requirements for Crypto Asset Service Providers. Meanwhile, Ripple has expanded its local infrastructure as the regulatory framework develops.
Garanti BBVA Kripto is secured by Ripple Custody. Customers can deposit, withdraw, and swap the top cryptocurrencies for the service.
Supported assets include Bitcoin, Ether, and XRP. A successful pilot in 2023 was followed by the extension of the service to all Garanti BBVA customers.
The bank is also deploying an IBM infrastructure in addition to Ripple’s custody technology. This is a combination that helps with security measures to protect customer assets and private keys.
Ripple has also increased the availability of its dollar-backed stablecoin, RLUSD, on Turkish platforms. BiLira and Bitlo are among the exchanges offering the stablecoin to local users.
Bitexen has also been supporting RLUSD distribution in Turkey. As a result, local trading platforms provide access to dollar-denominated liquidity to users and institutions.
Stablecoins are cryptocurrencies that are engineered to be pegged to another asset. The token, in the case of RLUSD, will be pegged to the US dollar at a 1:1 ratio.
Therefore, stablecoins can offer an alternative choice for those who are concerned about the volatility of their local currencies. But there are still some risks to users with regard to reserves, regulation, liquidity, and redemption arrangements.
Ripple’s growth highlights the banks and exchanges that are developing crypto services under Turkey’s new regulations. Concurrently, the increased institutional involvement may support the country’s digital asset ecosystem.
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