Türkiye's cryptocurrency market is maturing beyond retail trading as institutional participants enter an increasingly regulated digital assets sector, with Ripple expanding its custody and stablecoin footprint in the country.

Retail crypto trading volume in Türkiye rose 7% year-on-year to $40 billion in early 2026, according to Ripple. The growth lifted the country from seventh to fifth place in a global adoption index, according to the company, which laid out the developments in an insights post.

A Regulated Market Takes Shape

Türkiye's annual crypto transaction volume now approaches $200 billion, according to Ripple, and cumulative inflows reached roughly $878 billion between 2021 and mid-2025. The company attributed continued pressure on the Turkish lira in part to the country's reliance on imported oil and gas, conditions it said have increased demand for dollar-backed stablecoins such as RLUSD.

The regulatory framework has changed quickly. Law No. 7518, passed in July 2024, gave the Capital Markets Board authority over crypto assets. Secondary rules followed in March 2025, introducing licensing requirements, minimum capital thresholds and anti-money laundering obligations for crypto service providers. Licensing and capital rules of this kind are typically the prerequisite banks and other regulated firms look for before offering digital asset services, since they define who may operate and under which controls.

New custody rules took effect in June 2026, while transition deadlines have also been revised. Ripple said compliance remains an ongoing requirement for businesses operating in the sector, and how the revised deadlines are applied across providers is one of the operational questions now facing firms in the market.

Ripple Expands Custody and Stablecoin Access

Ripple, a U.S.-based blockchain payments and custody provider, has built its institutional offering around bank-grade custody and its RLUSD stablecoin. According to the company, its custody infrastructure supports Garanti BBVA Kripto, the digital asset arm of Garanti BBVA, one of Türkiye's largest private banks. The subsidiary uses Ripple Custody for retail custody, transfers and on- and off-ramping — the conversion between lira and digital assets — and offers bitcoin, ether and XRP through the platform. Ripple said the bank expanded the service after a successful pilot in 2023.

Separately, RLUSD is listed on several Turkish exchanges, including BiLira and Bitlo. Ripple said the listings provide dollar-backed liquidity to Turkish users and institutions.

Institutional Demand Follows Retail Adoption

Reece Merrick, Ripple's Managing Director for the Middle East and Africa, discussed Türkiye during Istanbul Fintech Week. He said retail investors initially drove adoption amid currency pressure, with institutions now following as regulation develops.

Merrick highlighted Ripple's custody work with Garanti BBVA and RLUSD access through BiLira and Bitlo. He described the company's approach as combining custody, compliance and stablecoin infrastructure as part of its work with banks and exchanges.

Ripple also pointed to Türkiye's geographic position between Europe, the Middle East and Asia, and said institutions in the country are building regulated digital asset products. With custody rules now in force and transition deadlines moving toward application, further adoption of regulated custody and stablecoin access by Turkish banks and exchanges would be a marker of how the country's institutional phase develops.