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

Tether aims to introduce blockchain technology to Turkey’s boron industry by tokenizing the mine for wider adoption.

According to information obtained by Bloomberg from sources familiar with the subject, stablecoin issuer Tether (USDT) aims to expand its footprint in the commodity sector, while proposing a plan to digitize Turkey’s boron market using blockchain technology.

According to sources, the stablecoin issuer presented the idea of ​​creating digital tokens representing borate minerals to Turkish officials, but details of the discussions remain unclear. The company also proposed establishing a crypto exchange in Istanbul to support trading of these tokens, but no timeline or further information was provided.

Türkiye holds more than 70% of the world’s boron reserves and boron sales of $1.3 billion are expected in 2024. Boron is used in various products such as ceramics, detergents, fertilizers and glass. In his comment to Bloomberg, a Turkish government official said that Tether’s plan is not currently feasible, while a bureaucrat from the Ministry of Energy stated that the negotiations are at an early stage.

Tether looks to Turkey for blockchain growth as stablecoin adoption rises

Although no confirmation was made, Tether CEO Paolo Ardoino told Bloomberg 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 attractiveness as a market for digital assets. Data from Chainalytics shows that the country saw approximately $137 billion in crypto inflows last year, underlining the significant adoption of cryptocurrency.

Meanwhile, a recent research report from Coinbase noted a surge in global stablecoin usage, with a record market cap of $170 billion in Q3 2024. Stablecoin volumes have reached nearly $20 trillion so far this year, underscoring their growing role in the global economy.