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,…

Tether (USDT) Stablecoin Explained

USDT (Tether) is a stablecoin pegged to the US dollar's value. It is built on the Bitcoin blockchain using the Omni Layer Protocol, Ethereum, TRON, EOS, Solana, Algorand, and others. USDT can be used to store, send, and receive value in a decentralized manner, similar to Bitcoin. The key difference is that while the value of Bitcoin and other cryptocurrencies can fluctuate widely, the value of USDT is intended to remain stable, as it is pegged to the US dollar.…