Tether, the issuer of the USDT stablecoin, has teamed up with Turkish crypto platform BTguru to advance cryptocurrency education in the country. The partnership, announced on July 2, includes evaluating digital asset-related educational initiatives and promoting blockchain technology benefits to private and public stakeholders in Turkey. BTguru, known for its expertise in virtual crypto assets for banks, will facilitate discussions with financial institutions and explore real-world asset tokenization opportunities.
Tether to assess new business lines for Turkey’s banking sector.
According to Tether CEO Paolo Ardoino, Tether and BTguru aim to promote the transformative potential of digital assets and P2P technologies.
“This MOU lays a solid foundation for responsible and informed use of digital assets. We’re excited to contribute to advancing freedom and education in Türkiye,” Ardoino said.
BTguru partner Can Bukulmez emphasized that the new collaboration with Tether aims to introduce new business opportunities with the stablecoin firm. The partnership will also assess potential business lines to integrate into Turkey’s banking sector and burgeoning digital assets industry.
Turkey is emerging as a prominent global hub for cryptocurrencies.
Tether’s expansion in Turkey coincides with rapid cryptocurrency adoption in the country. Turkey ranks fourth globally in transaction volume and 12th in adoption rate at 40%, solidifying its position as a key player in the global crypto ecosystem. Additionally, stablecoin purchases in Turkey represent a substantial 4.3% share of the country’s GDP, the highest among global economies, as reported by Chainalysis.
Binance TR general manager Mücahit Dönmez highlighted Turkey’s emergence as a leading global hub for crypto, citing its vibrant ecosystem, active community, and substantial transaction volumes in digital assets and blockchain technology. This follows Tether and Binance’s increased involvement in the Turkish crypto market, which comes in the wake of a major hack at local exchange BtcTurk, where hackers stole over $100 million in crypto on June 22. Additionally, Turkey’s recent removal from the FATF gray list in late June, due to significant progress in anti-money laundering (AML) measures, underscores the country’s regulatory milestones as it prepares to introduce crypto regulations in 2024.
