Tether is seeking to introduce blockchain technology to Turkey’s boron industry by tokenizing the mineral for broader adoption.

Stablecoin issuer Tether is proposing a plan to digitize Turkey’s boron market using blockchain technology, aiming to expand its footprint in the commodity sector. According to sources, the stablecoin issuer pitched the idea of creating digital tokens representing borate minerals to Turkish officials, although 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.

Tether’s Vision for Turkey’s Boron Market

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, a Turkish government official mentioned that Tether’s plan is not viable at the moment, while a bureaucrat at the Energy Ministry indicated that discussions are at an early stage.

Potential for Blockchain Growth in Turkey

While no confirmation has been made, Tether’s CEO Paolo Ardoino stated 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 indicates that the country saw nearly $137 billion in crypto inflows over the past year, highlighting significant adoption.

Rising Stablecoin Adoption

A recent research report 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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