Stablecoin giant Tether is eager to explore the possibilities of introducing new business lines into Turkey’s banking sector in collaboration with local crypto firm BTguru. By partnering with BTguru, Tether aims to increase its presence in Turkey and promote industry knowledge.

On July 2, Tether, the issuer of the USDT stablecoin, announced that it had signed a memorandum of understanding (MoU) with BTguru. This local crypto platform positions itself as a technology and strategy partner specializing in virtual crypto assets for banks. The MoU will evaluate digital asset-related educational initiatives in Turkey.

As part of this agreement, Tether will assess the development of programs to introduce both private and public stakeholders in Turkey to the benefits of cryptocurrency and blockchain technology. Additionally, the MoU aims to promote peer-to-peer (P2P) technology, leveraging BTguru’s connections to facilitate discussions with financial institutions in the country.

Tether and BTguru will also explore use cases for real-world asset tokenization for banks and evaluate regional payment network scenarios. This collaboration underscores Tether’s commitment to exploring what business lines can be introduced into Turkey’s banking verticals and emerging digital asset businesses.

According to Tether CEO Paolo Ardoino, both Tether and BTguru are dedicated to promoting the transformative potential of digital assets and P2P technologies. “This MoU has the potential to provide a solid foundation for the responsible and informed use of digital assets. We are excited to be part of a movement that could promote freedom and educate people across Türkiye,” Ardoino stated.

BTguru partner Can Bukulmez emphasized that the new collaboration with Tether aims to introduce new business lines with the stablecoin firm, evaluating what can be brought into Turkey’s banking sector and digital asset businesses.

Turkey Emerges as a Global Cryptocurrency Hub

Tether’s expansion in Turkey comes at a time when cryptocurrency adoption is gaining significant traction in the country. Data from Binance indicates that Turkey ranks fourth in transaction volume and 12th in adoption, with a 40% adoption rate, making it a notable player in the global crypto ecosystem.

Stablecoin purchases in Turkey also represent a significant share of the country’s gross domestic product (GDP), accounting for 4.3%, the highest among global economies, according to Chainalysis.

Stablecoin purchasing as a share of GDP by country from April 2023 to March 2024. Source: Chainalysis

Mücahit Dönmez, Binance TR general manager, noted that with the Turkish community’s interest in digital assets and blockchain technology, Turkey is emerging as one of the leading global hubs for crypto, characterized by a dynamic ecosystem, active participants, and substantial transaction volumes.

Tether and Binance’s growing involvement in the Turkish crypto ecosystem follows a massive hack of the local crypto exchange BtcTurk. On June 22, hackers stole more than $100 million in crypto from BtcTurk, according to Peckshield.

These developments also coincide with a local regulatory milestone. In late June, the Financial Action Task Force (FATF) removed Turkey from its gray list, citing “significant progress” in improving its regime for Anti-Money Laundering (AML) and countering terrorist financing. As previously reported by Cointelegraph, the FATF’s AML requirements, including those related to cryptocurrency, have accelerated the urgency for Turkey to introduce crypto regulations in 2024.

Through its partnership with BTguru, Tether aims to contribute to Turkey’s burgeoning crypto landscape, fostering education and new business opportunities in the process.

Source: Cointelegraph