Tether, the issuer of USDT stablecoin recently signed a contract with crypto firms based in Turkey. The contract is a MoU as per the report. As per the details of the MoU, Tether is now working alongside Turkish authorities to introduce new digital asset businesses in the region.
The new firms will collaborate with Turkish banking firms with the assistance of local crypto enterprise BTguru. USDT is now working in tandem with the Turkish government to promote industry knowledge among Turkish investors.
Crypto Educational Programs
At the same time, the Memorandum of Understanding (MoU) between Tether and the Turkish firm namely BTguru will work on the evaluation of educational programs and initiatives taking place in Turkey as per a notification published on 2nd July 2024.
BTguru is now viewed as a strategic and technical partner working with Tether on the matter of specialization in virtual assets in regard to primary banking services. Additionally, Tether is also researching the development program directed towards private and public investors hailing from Turkey.
This program intends to raise awareness about the potential of digital assets and blockchains in the local sector. Furthermore, the MoU has also listed the promotion of peer-to-peer (P2P) project with BTguru as a way to discuss financial institutions operating within the region.
Furthermore, Tether and BTguru are set to work on real-world asset tokenization utility and evaluation of regional payment channels.
Regional Payment Networks
Speaking on the matter, Tether CEO Paolo Ardoino has noticed that the stablecoin issuer is working with the Turkish crypto firm namely BTguru in order to promote the scope and development of regional payment networks via digital assets and P2P tech.
The executive further stated that MoU also offers a solid foundation for organized and planned use of digital assets. He further noticed that the platform was very excited to work on a project that could afford educational resources to investors across Turkish jurisdiction.
Can Bukulmez, the partner at BTguru also spoke with media and noted that the partnership with Tether is focused on introducing a new business venture. He stated that this venture is going to access whether the businesses in Turkey such as banking firms and emerging digital asset firms can be integrated into the digital assets network.
The Turkish government has been working on an aim to emerge as an international cryptocurrency hub. Binance statistics indicate that Turkey ranks 4th highest in the world in terms of trading volume and 12th in terms of adoption.
Furthermore, the nation has been placed 12th with a 40% increase rate in terms of adoption. As thus, the nation has made a distinct place among international crypto trading participation and trading volume. The total amount of stablecoin purchases in Turkey accounts for a sizeable portion of its gross domestic product (GDP) comprising of 4.3%.
It has been ranked highest in the world as per data projections from Chainalysis. Mucahit Donmez, Binance TR GM stated that Turkey has emerged as one of the top crypto trading locations globally with leading numbers in active investors and massive transaction volume.
Tether and Binance to Invest in Turkey as Trading Volume Rises
Tether and Binance are two major digital asset firms that have recently increased investments in Turkey in the backdrop of rising demand and trading volumes. However, these efforts led to a massive hack incident that affected the Turkish exchange BtcTurk.
Details about the incident are mentioned in a report compiled by Peckshield. The report indicated that hackers managed to siphon more than $100 million in cryptocurrencies out of BtcTurk on 22nd June 2024.
The cybersecurity incident led to the creation of a local policy change. The Financial Action Task Force (FATF) removed Turkey from the gray list in June this year. The committee cited considerable progress and improvisation in terms of Anti-money laundering policies (AML) and Counter Terrorist Financing prevention measures.
Based on FATF requirements, the regulators in Turkey were prompted to accelerate the process of regulatory framework development for digital assets.
