A recent report by a firm revealed that Turkey was seeing a high volume of its citizens buying stablecoin, which could be a turning point for its crypto space.
Blockchain analysis firm Chainalysis released a research report on April 25 which shares interesting insights on stablecoins. The 2024 Crypto Spring Report noted a positive development coming in from Turkey. According to the report, buying stablecoin in the country witnessed a rising popularity. The number is so high that Turkey features on the top when it comes to stablecoin purchases relative to its GDP.
Between April 2023 and March 24, stablecoin purchases in the country amounted to 4.3% of the national GDP. If one converts it to numbers, stablecoin purchases accounted for $38 billion, while the country’s GDP was at $907 billion. The Chainalysis report claimed how even conversions of the Turkish lira into stablecoins contributed to this.
Kim Grauer from Chainalysis said, “This is an aggregate figure of transfers of the Turkish lira to stablecoins and stablecoins to the lira, that stablecoin activity does not impact the GDP; rather, we expressed the stablecoin activity as a percentage of GDP in order to provide context for readers.”
The rise in popularity of stablecoins in Turkey will be positive for the crypto sector in the country. Moreover, stablecoins like USDT and USDC crossed even Bitcoin transaction volumes in this period. If this trend continues, the Turkey crypto industry could also see higher crypto adoption in the future.
Meanwhile, the US accounts for the highest stablecoin purchases in the world in terms of absolute numbers. Apart from advancements in crypto regulations, Turkey has also carried out research on the digital lira project. In 2023, it also announced it would develop blockchain-based identities for its citizens.
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