Ripple expands into Turkey with custody and stablecoin services

Ripple is expanding its operations in Turkey, focusing on custody services and its dollar-backed stablecoin, RLUSD, rather than its native token, XRP. The company has signed agreements with Garanti BBVA’s crypto division and three local exchanges: BiLira, Bitexen, and Bitlo.

This strategic move targets Turkey’s significant digital asset market, which sees nearly $200 billion in annual crypto transactions. The expansion is driven by high demand for stablecoins as users seek alternatives to the declining Turkish lira. RLUSD, which is backed by cash and short-term U.S. government debt, is positioned to serve those looking to maintain value against local currency volatility.

Beyond transaction volume, Ripple identifies Turkey as a key hub due to its young population, widespread mobile banking, and evolving regulatory environment. The company’s strategy in the region centers on payments, custody, stablecoins, and tokenization to support institutional and retail financial needs.