Tether Proposes Innovative Digital Tokens to the Turkish Government

Tether, the issuer of the world’s largest stablecoin, is reportedly in discussions with the Turkish government to create digital tokens backed by borate minerals.

A recent report revealed that Tether proposed using blockchain technology for this initiative, along with the establishment of a digital asset exchange in Istanbul.

While Turkish officials acknowledged the proposal isn’t ready for immediate action, discussions are ongoing. Turkey holds over 70% of the global boron supply, primarily used in ceramics and fertilizers, with estimated boron sales of $1.3 billion for 2024.

Tether’s move aligns with the crypto industry’s trend toward tokenizing real-world assets (RWAs). CEO Paolo Ardoino emphasized the company’s commitment to fostering innovation in Turkey’s digital asset landscape, recognizing the country as a key blockchain hub.

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Tether has been increasing its presence in Turkey, with local expansion manager Anadolu Aydinli meeting with government officials to discuss energy regulations and investment opportunities. The firm’s efforts highlight the significant demand for stablecoins in Turkey, where many citizens prefer a digital dollar to hedge against local currency instability.

Research from Chainalysis indicates that Turkey has the highest share of stablecoin purchases relative to GDP, with these purchases making up 4.3% of the nation’s GDP, the largest ratio globally.

Alexander Stefanov