Tether seeks to bring blockchain technology to Turkey’s boron industry by tokenizing the mineral for broader adoption.
Stablecoin issuer Tether (USDT) is proposing a plan to use blockchain technology to digitize Turkey’s boron market as it aims to expand its footprint in the commodity sector, Bloomberg reports, citing sources familiar with the matter. Ta.
Sources said stablecoin issuers have pitched the idea of creating digital tokens representing borate minerals to Turkish authorities, but details of the discussions remain unclear. The company also proposed establishing a cryptocurrency exchange in Istanbul to support trading of these tokens, but no timeline or further information was provided.
Turkey holds more than 70% of the world’s boron reserves and is expected to sell $1.3 billion in boron by 2024. Boron is used in a variety of products including ceramics, detergents, fertilizers, and glass. In a commentary for Bloomberg, Turkish government officials said Tether’s plans are not currently viable, and an Energy Ministry official suggested discussions were in the early stages.
Tether focuses on blockchain growth in Turkey as stablecoins become more popular
Although not confirmed, Tether CEO Paolo Ardoino said in comments to Bloomberg that the company is “deeply committed to fostering innovation in Turkey’s digital asset landscape.”
Türkiye’s high inflation and weak currency contribute to its attractiveness as a market for digital assets. The country has seen nearly $137 billion in crypto inflows in the past year, highlighting the high level of adoption, according to Chainalysis data.
Meanwhile, a recent research report from Coinbase points out that global stablecoin usage will increase, with market capitalization reaching $170 billion in Q3 2024. Stablecoin trading volume has reached nearly $20 trillion so far this year, highlighting the growing role of stablecoins in the global economy.
