Turkey is solidifying its position as a leading market in the adoption of cryptocurrencies. According to a report from Ripple, the country’s individual crypto transaction volume reached $40 billion at the beginning of 2026, marking an annual growth rate of 7%. Furthermore, Turkey climbed from the seventh to the fifth position in TRM Labs’ global crypto adoption index.
Corporate Adoption Signals Market Maturity
Ripple asserts that the market expansion in Turkey isn’t solely attributed to individual investor interest anymore. Instead, businesses beginning to utilize digital assets for daily financial needs signifies a new phase in the development of Turkey’s market.
“Businesses using digital assets for daily financial needs mark a new phase for Turkey,” Ripple noted.
The report indicates that Turkey’s annual crypto transaction volume is nearing $200 billion. Between 2021 and mid-2025, the cumulative inflow of crypto assets into the country was approximately $878 billion.
Ripple attributes this heightened interest to the pressure on the Turkish lira and persistently high inflation rates. The country’s dependence on imported oil and natural gas exacerbates the currency pressure, prompting more widespread use of digital assets to safeguard savings. This environment has also increased demand for dollar-backed stablecoins like RLUSD.
Regulatory Framework Facilitates Institutional Participation
The establishment of a clear legal framework for cryptocurrencies in Turkey is seen as one of the key developments supporting the participation of banks and financial institutions in this sector.
Ripple’s analysis refers to Law No. 7518, adopted in July 2024, granting the Capital Markets Board regulatory authority over cryptocurrencies. Moreover, secondary regulations published in March 2025 introduced licensing requirements, minimum capital thresholds, and anti-money laundering obligations for crypto asset service providers.
Ripple noted that new rules regarding crypto asset custody went into effect in June 2026. As the implementation timeline is updated throughout the year, service offerings from authorized custodians are expected to become more widespread, warranting constant regulatory compliance by companies operating in Turkey.
Garanti BBVA Crypto and RLUSD Growth Driven by Infrastructure
Ripple’s operations in Turkey focus on crypto asset custody infrastructure and the offering of the RLUSD stablecoin to users.
The company claims to be the sole infrastructure provider meeting the Capital Markets Board’s requirements for corporate custody services. Garanti BBVA’s digital asset subsidiary, Garanti BBVA Crypto, utilizes Ripple Custody technology on its platform.
Ripple’s RLUSD stablecoin is listed on various exchanges in Turkey, increasing access to dollar-backed liquidity for both individual users and institutions.
Ripple’s General Manager for the Middle East and Africa, Reece Merrick, highlighted that much of the demand in Turkey stems from the need to protect existing savings. Merrick emphasized that in addition to access to stablecoins, sustainable growth requires banking-standard infrastructure, reliable custody services, and regulatory compliance.
With its strategic location between Europe, the Middle East, and Asia, Ripple views Turkey as a key market and anticipates a greater role for institutions in the sector’s future. According to the company, the adoption process, initially led by individual investors, is poised to broaden with products offered by banks and financial institutions, facilitated by an evolving regulatory framework.
