Türkiye is fast becoming one of the world's standout digital assets markets. Retail crypto trading volume there grew 7% year-on-year to USD 40 billion in early 2026, enough to lift the country from seventh to fifth place in a closely watched global adoption index.
While retail investors once led Türkiye's adoption of digital assets, recent growth reflects businesses using them as a practical financial tool. This is exactly the kind of environment where Ripple's infrastructure and stablecoin are built to operate.
Why Türkiye, why now
Türkiye's annual crypto transaction volume now approaches USD 200 billion, with cumulative inflows of roughly USD 878 billion between 2021 and mid-2025. During this period, the Turkish lira has been subjected to ongoing pressure, most recently due to Türkiye's reliance on imported oil and gas. In markets facing this kind of liquidity challenges and tighter monetary policy, digital assets increasingly function as a store of value rather than a speculative bet.
This is the backdrop against which dollar-backed stablecoins such as RLUSD are finding real traction in Türkiye.
A fast-developing regulatory framework
Türkiye's approach to digital assets has shifted from largely unregulated to a defined licensing regime in a relatively short space of time. In July 2024, the passing of Law No. 7518 gave the Capital Markets Board (CMB) its first legal authority over crypto assets. Secondary regulations followed in March 2025, introducing licensing requirements, minimum capital thresholds, and anti-money laundering obligations for crypto asset service providers (CASPs).
This framework continues to evolve. New rules governing crypto custody came into force in June 2026, with transition timing revised earlier in the year, and the regulator has signalled it will reset deadlines further as authorised custodians extend services to platforms across the market. For businesses operating in Türkiye, this has created an environment in which compliance is an ongoing commitment.
Ripple's footprint in Türkiye
This regulatory clarity in Türkiye underpins two concrete parts of Ripple's business in the market.
The first is custody. Ripple stands out as the only infrastructure provider to have met the CMB's stringent requirements for institutional custodians, a compliance bar that demonstrates why institutions like Garanti BBVA Kripto, the digital assets subsidiary of Garanti BBVA, have chosen to build using our technology.
Garanti BBVA Kripto uses Ripple Custody to secure its crypto trading platform, giving its retail customers the ability to custody, transfer, and on-ramp or off-ramp major crypto assets including bitcoin, ether, and XRP. After a successful pilot in 2023, the bank has since extended the service to its entire customer base.
The second is stablecoin distribution. RLUSD is now listed on several Turkish exchanges, including BiLira and Bitlo, expanding regulated, dollar-backed liquidity to Turkish users and institutions at exactly the moment demand for that kind of asset is rising.
Why this matters strategically
Türkiye is a uniquely positioned market, sitting at a strategic crossroads between Europe, the Middle East, and Asia. Reece Merrick, Managing Director, Middle East and Africa, at Ripple, explains the opportunity:
"When a market is dealing with currency pressure at the scale Türkiye has faced, people don't turn to crypto for trading purposes, they turn to it to protect what they have. We're seeing genuine demand for regulated, dollar-backed liquidity, and that's why stablecoins like RLUSD matter here in a very practical way. However, building a real digital assets business in a market like this takes more than distribution. It takes bank-grade infrastructure, the kind of compliance, custody, and operational rigour that regulators, banks, and everyday users can all trust. That's the thinking behind our approach in Türkiye, working with partners like Garanti BBVA on custody, and BiLira and Bitlo on RLUSD access, so that growth in adoption is matched by the standards that make it durable."
What's next
Türkiye's crypto story so far has largely been written by consumers. Retail investors, dealing with currency pressure and high inflation for years, were the first to move, building the trading volumes and adoption figures that now put Türkiye among the world's leading crypto markets.
Now, institutions are increasingly following that lead, as a maturing regulatory framework gives banks and financial institutions the clarity to build regulated products. This is the market Ripple is built for, offering banks and financial institutions a credible route into digital assets.
To find out more about how Ripple helps banks and financial institutions with regulated digital asset custody and payments, talk to our team.
