Turkish Investors Looking for Haven Turn to Stablecoin Tether (USDT)

In the face of a collapsing lira, Turkish investors increasingly seek refuge in the crypto world, turning to dollar-backed stablecoins like Tether (USDT). Fueled by the lira's slide to record lows, local demand for Tether has surged over the past month​​. The inclination towards cryptocurrencies has not been a recent phenomenon but a growing trend since early 2023. An analysis of cryptocurrency users in Turkey in Q1 2023 revealed a trading volume of $36.6 billion across eight Turkish crypto exchanges,…