Tether pitches boron tokens on blockchain to Turkey’s officials: report

by

As a seasoned analyst with over two decades of experience in the finance industry, I find Tether’s initiative to tokenize Turkey’s boron market through blockchain technology intriguing. Having witnessed the rise and fall of various commodity markets, I can appreciate the potential benefits that digitalization could bring to an industry as critical as boron.

Tether aims to integrate blockchain technology into Turkey’s boron sector, making it more accessible to a wider audience by creating digital tokens representing the mineral.

According to reports from Bloomberg and sources close to the situation, Tether (USDT), a well-known stablecoin issuer, is contemplating a scheme to digitalize Turkey’s boron market using blockchain technology. This move is part of Tether’s efforts to increase its influence in the commodity sector.

According to reports, the stablecoin issuer proposed generating digital tokens for boron minerals to Turkish authorities, yet specifics about their conversations are unknown. Additionally, the company suggested launching a cryptocurrency exchange in Istanbul to facilitate trading of these tokens; however, no schedule or additional details were given.

Turkey possesses more than 70% of the global boron reserves and anticipates a projected $1.3 billion in boron sales by 2024. This element is integral to numerous products such as ceramics, detergents, fertilizers, and glass. In response to Tether’s proposed plan, a Turkish government official expressed doubts about its feasibility at present, while an Energy Ministry representative mentioned that negotiations are still in their initial stages.

Tether eyes Turkey for blockchain growth amid rising stablecoin adoption

According to Paolo Ardoino, Tether’s CEO, there hasn’t been any official statement yet, but he mentioned to Bloomberg that Tether is highly dedicated to promoting digital asset development in Turkey.

Due to Turkey’s escalating inflation rates and a less stable currency, there has been an increasing interest in Turkey as a prime market for digital assets. According to data from Chainalysis, Turkey received approximately $137 billion worth of cryptocurrency inflows over the past year, indicating a notable surge in adoption.

Currently, a study from Coinbase reveals an upward trend in the use of stablecoins worldwide, reaching a staggering market capitalization of $170 billion during Q3 2024. The trading volume of these coins has climbed to almost $20 trillion this year, highlighting their growing importance within the global economy.

Read More

2024-10-24 16:36