“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,” Aydinli said.

In August, Aydinli also met with Turkey’s Energy Minister Alparslan Bayraktar to talk about investment in the energy sector in Turkey.

In July 2024, Tether signed an agreement with a local crypto firm to assess the development of programs to introduce private and public stakeholders in Turkey.

Turkey is one of the biggest stablecoin markets

Tether’s active involvement in crypto adoption in Turkey is in line with Ardoino’s remarks that Turkey is one of the biggest jurisdictions worldwide in terms of stablecoin demand.

He noted that people in countries like Turkey want to hold a digital version of the dollar to hedge against the volatility of local currencies and inflation.

“Our focus has to be where we are needed the most,” Ardoino told Cointelegraph in early October.

Related: US ‘dropping the ball’ on crypto, but that should change soon — Tether CEO

According to blockchain intelligence firm Chainalysis, Turkey had the highest share of stablecoin purchases relative to its gross domestic product (GDP) in the period from April 2023 to March 2024.

Based on Chainalysis’ data, stablecoin buying in Turkey accounted for 4.3% of its GDP, making it the world’s biggest spender on stablecoins relative to its GDP.

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