Ripple Targets Turkey's $200 Billion Crypto Market Amid Lira Pressure

Key Takeaways

Turkey’s $200 Billion Market Meets Evolving Banking Rules

Turkish consumers and businesses are gaining access to crypto storage and dollar-backed tokens through banking and exchange partnerships, Ripple outlined Oct. 5. The company highlighted its custody and stablecoin operations in Turkey through Garanti BBVA and domestic trading platforms. The latter distribute Ripple USD (RLUSD), its dollar-backed stablecoin, as institutions develop services alongside established retail demand.

Reece Merrick, Ripple’s managing director for the Middle East and Africa, stated:

“We’re seeing genuine demand for regulated, dollar-backed liquidity, and that’s why stablecoins like RLUSD matter here in a very practical way.”

Blockchain analytics firm Chainalysis placed Turkey’s annual transaction volume at nearly $200 billion in an analysis published Oct. 23, 2025, with cumulative inflows of approximately $878 billion from early 2021 through mid-2025. Its findings also pointed to growing speculative altcoin trading, involving cryptocurrencies other than bitcoin, alongside attempts to preserve purchasing power amid inflation and lira depreciation.

Turkey’s regulatory framework has developed alongside these services, bringing providers under Capital Markets Board oversight through legislation effective July 2, 2024. Rules effective March 13, 2025, established operating and capital requirements alongside anti-money laundering obligations. According to the Oct. 5 assessment, new safekeeping requirements took effect in June, while transition deadlines remain subject to adjustment as authorized custodians extend their services.

Garanti BBVA Brings Digital Asset Storage to All Customers

Garanti BBVA Kripto, Turkish bank Garanti BBVA’s digital asset subsidiary, combines Ripple Custody with technology company IBM’s infrastructure to protect customer assets. BBVA confirmed the Ripple and IBM partnership in October 2024, following a successful 2023 pilot. The bank subsequently extended the service to its entire customer base. The system safeguards private keys, which control access to holdings, using encryption and other security controls.

The relationship continued into this year, with Merrick describing an extension of Garanti BBVA’s storage partnership in a Jan. 22 post on X. Supported currencies include bitcoin, ether, the cryptocurrency of the Ethereum network, and XRP, the native token of XRP Ledger. Customers can store, transfer, and convert these holdings to or from conventional money.

The company’s latest assessment also emphasizes institutional requirements as banks build services under the country’s licensing regime. It claims to be the only infrastructure provider meeting the regulator’s standards for institutional custodians, framing compliance and operational safeguards as central to its local approach.

Dollar-Backed Tokens Widen Access Through Local Exchanges

Domestic exchange partnerships give Turkish institutions another route to dollar-denominated instruments as currency pressure supports demand for alternatives. The company announced availability through BiLira, Bitexen, and Bitlo on June 2, with that Turkish distribution forming part of its broader expansion. Its Oct. 5 assessment specifically highlighted listings on BiLira and Bitlo.

These tokens are designed to track an external reference value, commonly the dollar, through a mechanism known as a peg. Such stablecoins use reserves and redemption arrangements to support their target price. Their dollar denomination offers an alternative to holding local currency, while reserve quality and the ability to exchange them for cash affect holder risks.

The protections behind these products depend on their issuer’s regulatory structure and the requirements attached to its license. The company detailed the stablecoin’s supervision and reserve framework in September, identifying subsidiary Standard Custody & Trust Company as the issuer under New York Department of Financial Services oversight. The arrangement includes segregated reserves and recurring independent attestations examining backing disclosures.