Ripple is expanding its cryptocurrency infrastructure in Turkey, targeting a market that recorded nearly $200 billion in annual transactions according to blockchain analytics firm Chainalysis. The company is positioning itself through bank custody services and dollar-backed stablecoins as Turkish institutions develop digital asset offerings alongside growing retail demand.
Turkey's cumulative cryptocurrency inflows reached approximately $878 billion from early 2021 through mid-2025, with activity reflecting both speculative altcoin trading and efforts to preserve purchasing power amid lira depreciation, Chainalysis found in an analysis published in October 2025.
Banking Partnership and Custody Services
Garanti BBVA Kripto, the digital asset subsidiary of Turkish bank Garanti BBVA, has extended custody services to its entire customer base using Ripple Custody infrastructure combined with IBM technology. The partnership, confirmed in October 2024 following a 2023 pilot, safeguards customer assets through encryption and security controls protecting private keys.
The service supports bitcoin, ether, and XRP, allowing customers to store, transfer, and convert holdings to or from conventional money. Ripple describes itself as the only infrastructure provider meeting Turkish regulatory standards for institutional custodians under the country's licensing regime.
Regulatory Framework and Stablecoin Distribution
Turkey's cryptocurrency regulatory framework has evolved significantly, with providers coming under Capital Markets Board oversight through legislation effective July 2, 2024. Additional rules established in March 2025 set operating and capital requirements alongside anti-money laundering obligations, with new safekeeping requirements taking effect in June.
Ripple's dollar-backed stablecoin, RLUSD, is distributed through Turkish platforms BiLira and Bitlo. These tokens are designed to track the dollar through a peg mechanism supported by reserves and redemption arrangements. Ripple identified Standard Custody & Trust Company, its New York-based subsidiary, as the issuer under New York Department of Financial Services oversight, with segregated reserves and recurring independent attestations examining backing disclosures.
