Ripple Is Expanding Into Turkey as the Lira Falls. It Is Selling Custody and a Stablecoin, Not XRP.
Key Summary
Ripple is expanding into Turkey with a focus on providing custody services and promoting its dollar-backed stablecoin, RLUSD, rather than its XRP token. The move aims to address the country's need for dollar stability, driven by lira-fleeing savers. RLUSD can replicate XRP's bridge-asset role without price volatility, creating direct internal competition.
Technical Highlights: Custody and Stablecoin Expansion
Ripple is offering two key products in Turkey, custody services for Garanti BBVA’s crypto division and promoting RLUSD, its dollar-backed stablecoin, available on three local exchanges.
Market Outlook: RLUSD Over XRP
Turkey's $200 billion annual crypto market is driven by lira-fleeing savers who need dollar stability, favoring RLUSD over a volatile XRP.
Regulatory Environment: Ripple’s Entry into Turkey
As of October 6, XRP trades at $1.51, down about 49% over the last year. Ripple has not provided details on customer numbers, transaction volumes, or fees for any of these services. As a private company, it does not disclose its revenue, leaving the scale of its Turkish operations unclear.
Impact on XRP Holders
A dollar-backed stablecoin directly addresses this need. RLUSD is designed to remain valued at one dollar, backed by cash and short-term U.S. government debt. In contrast, XRP’s value has fallen about 59% from its peak of $3.65, making it a less appealing option for people trying to escape lira volatility.
Industry Implications
The first aspect of Ripple’s business in Turkey is its custody service. A custodian safely holds cryptocurrency for a customer, much like a bank keeps deposits. Garanti BBVA Kripto, the crypto branch of one of Turkey’s largest banks, has used Ripple’s custody software since its launch in late 2024 and recently renewed its partnership in January 2026.
Roadmap & Upcoming Catalysts
Ripple plans to operate an XRP Ledger validator at Istanbul Technical University. However, this does not directly benefit XRP holders, as the validator is separate from the token’s price volatility. Ripple has not provided details on customer numbers, transaction volumes, or fees for any of these services.
Regulatory & Legal Outlook
As of August, RLUSD surpassed a market value of $2 billion, while XRP has lost nearly half its value over the past year. Despite Ripple continually adding partners and expanding into new markets during this time, XRP’s market value has declined to around $95 billion.