Turkey's Stablecoin Purchases Soar to $38 Billion, Surpassing 4% of GDP

IconCrypto News Terminal25 Apr, 2024

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Turkey's Stablecoin Purchases Soar to $38 Billion, Surpassing 4% of GDP

Turkey's stablecoin purchases have surged to $38 billion in the past 12 months, representing 4.3% of its GDP, according to a report by Chainalysis. This places Turkey as the country with the highest ratio of stablecoin purchases to GDP globally. Stablecoins are cryptocurrencies pegged to the value of fiat currencies like the US dollar. They offer the stability of traditional currencies while providing the convenience of digital assets. The recent surge in Turkey's stablecoin purchases suggests that Turkish citizens are increasingly turning to cryptocurrencies as a hedge against inflation and economic uncertainty. The report also found that the United States surpassed $200 billion in stablecoin purchases in March, ranking first globally. The report highlights the growing adoption of stablecoins worldwide, driven by their stability and ease of use. Previously on [date]: "Turkey's stablecoin purchases hit $38 billion, accounting for 4.3% of GDP."

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