Tether is seeking to introduce blockchain technology to Turkey’s boron industry by tokenizing the mineral for broader adoption.
Stablecoin issuer Tether (USDT) is proposing a plan to digitize Turkey‘s boron market using blockchain technology, as the company seeks to expand its footprint in the commodity sector, Bloomberg has learned, citing sources familiar with the matter.
Per the sources, the stablecoin issuer pitched the idea of creating digital tokens representing borate minerals to Turkish officials, though details of the discussions remain unclear. The company also suggested establishing a crypto exchange in Istanbul to support trading of these tokens, but no timeline or further information was provided.
Turkey holds over 70% of the world’s boron reserves and expects $1.3 billion in boron sales in 2024. Boron is used in various products, including ceramics, detergents, fertilizers, and glass. In a commentary to Bloomberg, a Turkish government official said Tether’s plan is not viable at the moment, while a bureaucrat at the Energy Ministry indicated that discussions are at an early stage.
Tether eyes Turkey for blockchain growth amid rising stablecoin adoption
While no confirmation has been made, Tether chief executive Paolo Ardoino said in a commentary to Bloomberg that the company is “deeply committed to fostering innovation in Turkey’s digital-asset landscape.”
Turkey’s high inflation and weakening currency have contributed to its appeal as a market for digital assets. Data from Chainalysis shows that the country saw nearly $137 billion in crypto inflows over the past year, highlighting significant adoption.
Meanwhile, a recent research report from Coinbase noted a rise in global stablecoin use, with a record market capitalization of $170 billion in Q3 2024. Stablecoin volumes have reached nearly $20 trillion so far this year, underscoring their increasing role in the global economy.
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