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Ripple Targets Turkey's $200 Billion Crypto Market Amid Lira Pressure
Turkey’s $200 Billion Market Meets Evolving Banking Rules
Turkish consumers and businesses are gaining access to crypto storage and dollar-backed tokens through banking and exchange partnerships, Ripple outlined Oct. 5. The company highlighted its custody and stablecoin operations in Turkey through Garanti BBVA and domestic trading platforms. The latter distribute Ripple USD ($RLUSD), its dollar-backed stablecoin, as institutions develop 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.”
Blockchain analytics firm Chainalysis placed Turkey’s annual 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. Its findings also pointed to growing speculative altcoin trading, involving cryptocurrencies other than bitcoin, alongside attempts to preserve purchasing power amid inflation and lira depreciation.
Turkey’s regulatory framework has developed alongside these services, bringing providers under Capital Markets Board oversight through legislation effective July 2, 2024. Rules effective March 13, 2025, established operating and capital requirements alongside anti-money laundering obligations. According to the Oct. 5 assessment, new safekeeping requirements took effect in June, while transition deadlines remain subject to adjustment as authorized custodians extend their services.#Write2Earn $XRP
Ripple Targets Turkey's $200 Billion Crypto Market Amid Lira Pressure
Turkey’s $200 Billion Market Meets Evolving Banking Rules
Turkish consumers and businesses are gaining access to crypto storage and dollar-backed tokens through banking and exchange partnerships, Ripple outlined Oct. 5. The company highlighted its custody and stablecoin operations in Turkey through Garanti BBVA and domestic trading platforms. The latter distribute Ripple USD ($RLUSD), its dollar-backed stablecoin, as institutions develop 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.”
Blockchain analytics firm Chainalysis placed Turkey’s annual 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. Its findings also pointed to growing speculative altcoin trading, involving cryptocurrencies other than bitcoin, alongside attempts to preserve purchasing power amid inflation and lira depreciation.
Turkey’s regulatory framework has developed alongside these services, bringing providers under Capital Markets Board oversight through legislation effective July 2, 2024. Rules effective March 13, 2025, established operating and capital requirements alongside anti-money laundering obligations. According to the Oct. 5 assessment, new safekeeping requirements took effect in June, while transition deadlines remain subject to adjustment as authorized custodians extend their services.#Write2Earn $XRP
