Tether wants to issue a new asset in Turkey, one backed by Boron.
Tether, the issuer of the largest stablecoin by market cap, USDT, has reportedly begun talks with Turkish officials about the possibility of issuing digital assets based on the prices of borate minerals, according to Bloomberg. These tokens would be transacted using blockchain technology, Tether pitched, during its talk with the officials.
An official from the country’s Energy Ministry has verified that Tether is in early-stage talks for an implementation like this, while another claimed it is unfeasible to implement what Tether has ideated. Bloomberg’s report also mentions that Tether wants to open a crypto exchange in Istanbul, the country’s capital.
Tether’s plans to issue an asset like this in Turkey stems from the state-owned Eti Maden—a mining and chemicals company focused on Boron—supplying 70% of the world’s Boron. Turkey is expected to hit over a billion dollars in revenue from its Boron sales this year.
As real-world assets (RWAs) take off in the crypto ecosystem, Tether’s planning to represent Boron through a token comes at the right time. RWAs are witnessing a massive boom in adoption, making it one of the hottest niches coming out of the blockchain industry this year.
“With Turkey emerging as a key hub for blockchain technology, we’re excited to continue supporting this momentum and exploring new opportunities for growth in the region,” said Tether CEO Paulo Ardoino.
Tether Eyes Turkey Expansion
Turkey has become a focus of the firm due to its tremendous usage of cryptocurrencies—stablecoins, one of which Tether issues. It is one of the biggest markets for stablecoins as the citizens want to preserve their money by converting their local currency into USD. The Turkish lira has become very weak in the fight against inflation, pushing the citizens to look for innovative ways to preserve their hard-earned money. And that could just be Tether’s USDT token.
So, Tether stays committed to establishing its presence in Turkey. Its local expansion manager, Anadolu Aydinli, has met with multiple government officials in the past few months. He met with Turkey’s Vice President, Cevdet Yılmaz, to discuss regulations surrounding energy and mining late last month.
“As we continue our work to create a flourishing environment for growth in our country, it is always a valuable milestone to have the support of our most senior governmental officials,” Tether’s local expansion manager said.
