Tether aims to work with Turkey to tokenize its boron reserves and modernize its commodity trading system. Discussions with Turkish authorities are ongoing, but no agreement has yet been reached regarding the boron tokenization project.
In a recent development, Tether has proposed to digitally tokenize Turkey’s vast boron deposits, according to Bloomberg Crypto. It aims to improve Turkey’s boron market, which is an essential strategic resource for many sectors including glass manufacturing and ceramics.
The project aims to bring Turkey under control over 70% of the world’s boron reserves. This initiative has the potential to completely change trade trends for this important mineral.
Tether explores Boron tokenization with Turkish leader
Tether and Turkish officials have been discussing the production of digital tokens based on borate minerals, using blockchain as the underlying technology. Important figures, including Türkiye’s vice president and energy minister, attended these meetings.
Although the concept of tokenizing boron reserves could help Turkey’s economy, the Turkish government admitted that applying such a system at this stage would be difficult and impractical. Negotiations are still at an early stage and no firm decision has been reached.
Still, the move fits into Tether’s larger plans to increase its influence not only in the commodities space but also in the digital finance space.
Economic uncertainty and rising inflation, as reflected by growing interest in blockchain technology, have made Turkey one of the most active countries in the world for crypto adoption.
Further proving the market potential of digital assets, data reveals that the country saw an inflow of approximately $137 billion in crypto assets year-on-year. However, it remains unclear how quickly Turkey will realize large-scale initiatives like boron tokenization.
Meanwhile, CNF previously pointed out that Tether’s USDT has a market capitalization of over $120 billion, highlighting Tether’s dominance in the stablecoin market and global digital finance.
In addition, Tether has confirmed the issuance of stablecoins with $118.4 billion in reserves, of which $97.6 billion are US Treasury securities, reaffirming Tether’s importance in the digital asset space. I am.
