Ripple Is Expanding Into Turkey as the Lira Falls. It Is Selling Custody and a Stablecoin, Not XRP.
Ripple just signed deals with a major Turkish bank and three local exchanges, but XRP holders may not see a single benefit from any of it. Here is why Ripple's fastest-growing market could actually work against its own token.
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Ripple is offering two key products in Turkey, and neither requires users to hold its token, XRP (CRYPTO:XRP). The Ripple Turkey expansion focuses on providing custody services for Garanti BBVA’s crypto division and promoting RLUSD (CRYPTO:RLUSD), Ripple’s dollar-backed stablecoin, available on three local exchanges.
On June 2, 2026, Ripple launched RLUSD in Turkey through crypto platforms BiLira, Bitexen, and Bitlo. According to a 2025 Chainalysis report cited by Ripple, the country sees nearly $200 billion in annual crypto transactions, with many users seeking alternatives to a declining lira.
As of October 6, XRP trades at $1.51, down about 49% over the last year. So, does Ripple’s entry into a dollar-hungry market benefit XRP holders?
Why the Falling Lira Drives Turkish Savers to Dollar Assets
When a currency consistently loses value, savings in that currency buy less over time. For instance, a Turkish worker with a year’s salary saved in lira may find it increasingly difficult to cover rent, food, and fuel. As a result, savers often turn to assets that maintain their value, with the U.S. dollar being a popular choice.
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.
Ripple Is Selling Custody and RLUSD in Turkey
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.
The second part of Ripple’s strategy is RLUSD. The launch announcement noted that platforms BiLira, Bitexen, and Bitlo offer the stablecoin. Additionally, Ripple plans to operate an XRP Ledger validator at Istanbul Technical University.
However, 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.
RLUSD Competes With XRP for Cross-Border Payments
Ripple has long touted XRP as a bridge asset that facilitates quick transfers between different currencies. However, RLUSD can perform similar functions without the risk associated with XRP’s price volatility.
This creates competition between Ripple’s own products. 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.
Garanti BBVA Kripto customers can store XRP alongside more established cryptocurrencies like Bitcoin and Ethereum. Operating a validator also links the XRP Ledger to a Turkish university. However, storing the coin or running a validator does not automatically attract new XRP buyers.
Does the Ripple Turkey Expansion Help XRP Holders?
Not directly. While Ripple’s expansion in Turkey provides a partnership with a major bank and access to local exchanges for RLUSD, it doesn’t create new buyers or demand for XRP itself. Positive business developments for Ripple and price support for XRP remain separate issues, with the Turkish market primarily favoring RLUSD growth rather than XRP.
This situation could change if Ripple or one of its Turkish partners designates XRP as the primary asset for transactions in the country, directly linking the expansion to increased demand for the token. Until then, Turkey appears to be a growth opportunity for RLUSD, with XRP’s price depending on buyers with little connection to Turkish savers.
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Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing
