Tether, the world’s largest stablecoin issuer, is reportedly in talks with the Turkish government to create a digital token backed by borate minerals.
A recent report revealed that Tether has proposed the use of blockchain technology in this endeavor, along with the establishment of a digital asset exchange in Istanbul.
Turkish officials have acknowledged that the proposal is not ready for immediate action, but discussions continue. Turkey holds more than 70% of the world’s boron supply, mainly used in ceramics and fertilizers, with boron sales estimated at $1.3 billion in 2024.
Tether’s move is in line with the crypto industry’s trend towards tokenizing real-world assets (RWA). CEO Paolo Ardoino recognized Turkey as a major blockchain hub and highlighted the company’s commitment to fostering innovation in Turkey’s digital asset landscape.
Tether is increasing its presence in Turkey, with local expansion manager Anadolu Aydinli meeting with government officials to discuss energy regulations and investment opportunities. The company’s efforts highlight the strong demand for stablecoins in Turkey, where many citizens prefer digital dollars to avoid volatility in the local currency.
According to Chainalies research, Turkey has the highest proportion of stablecoin purchases relative to GDP, with these purchases accounting for 4.3% of the country’s GDP, the largest proportion in the world.
