Ripple's Turkey Play: Stablecoins Trump XRP

Ripple has launched two key offerings in Turkey: custody services for Garanti BBVA's crypto division and its dollar-backed stablecoin, RLUSD. RLUSD became available on three local exchanges on June 2, 2026. Turkey's crypto market, estimated at $200 billion annually, sees significant demand for dollar stability as the Turkish lira depreciates.

This market dynamic favors RLUSD, which is pegged to the U.S. dollar and backed by cash and short-term U.S. debt. In contrast, XRP has experienced price volatility, losing approximately 49% of its value over the past year as of October 6. Garanti BBVA Kripto has utilized Ripple's custody software since late 2024 and renewed its partnership in January 2026.

While RLUSD has surpassed $2 billion in market value, its ability to function as a bridge asset without XRP's volatility creates internal competition for Ripple. The expansion does not directly create new buyers or demand for XRP, leaving its price performance largely independent of Turkish saver preferences. Ripple plans to operate an XRP Ledger validator at Istanbul Technical University.