Ripple is broadening its presence in Turkey's cryptocurrency sector through banking and exchange partnerships that give local consumers and businesses access to digital asset custody and dollar-backed tokens, the company outlined in an Oct. 5 assessment. The company highlighted its custody and stablecoin operations in the country via Garanti BBVA and domestic trading, the latter distributing Ripple USD ($RLUSD), its dollar-backed stablecoin, as institutions build 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."

A $200 Billion Market Meets Evolving Banking Rules

Blockchain analytics firm Chainalysis placed Turkey's annual crypto 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. The findings also pointed to growing speculative altcoin trading — activity in cryptocurrencies other than bitcoin — alongside attempts to preserve purchasing power amid inflation and depreciation of the lira. That mix of market scale and currency-side pressure defines the operating environment into which these custody and stablecoin services are arriving.

Turkey's regulatory framework has developed alongside these services. Legislation effective July 2, 2024, brought crypto service providers under Capital Markets Board oversight, while rules effective March 13, 2025, established operating and capital requirements together with anti-money laundering obligations. According to the Oct. 5 assessment, new safekeeping requirements took effect in June, and transition deadlines remain subject to adjustment as authorized custodians extend their services. How those deadlines ultimately settle stands among the open questions for banks and exchanges building regulated services in the country.

Garanti BBVA Extends Digital Asset Storage to All Customers

Garanti BBVA Kripto, digital asset subsidiary of Turkish bank Garanti BBVA, combines Ripple Custody with infrastructure from technology company IBM to protect customer assets. BBVA confirmed the Ripple and IBM partnership in October 2024, following a successful 2023 pilot, and 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 result is digital asset safekeeping delivered through a licensed banking group's existing channels rather than through crypto-native venues alone.

The relationship continued into this year, with Merrick describing an extension of the Garanti BBVA 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 the XRP Ledger. Customers can store, transfer, and convert these holdings to or from conventional money.

The latest assessment also emphasizes institutional requirements as banks build services under the country's licensing regime. Ripple 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. Ripple announced availability through BiLira, Bitexen, and Bitlo on June 2, with that Turkish distribution forming part of its broader expansion, and its Oct. 5 assessment specifically highlighted listings on BiLira and Bitlo.

Stablecoins are designed to track an external reference value, commonly the dollar, through a mechanism known as a peg, using 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 tokens for cash affect holder risks. The protections behind these products depend on the issuer's regulatory structure and the requirements attached to its license.

Ripple 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 — the kind of ongoing verification that matters in a market where Chainalysis found purchasing-power preservation among the drivers of local crypto activity.