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Tether is seeking to introduce blockchain technology to Turkey’s boron industry by tokenizing the mineral for broader adoption. 
Stablecoin issuer Tether (<a href="https://crypto.news/price/tether/" target="_blank">USDT</a>) is proposing a plan to digitize <a href="https://crypto.news/tag/turkey/" target="_blank">Turkey</a>‘s boron market using blockchain technology, as the company seeks to expand its footprint in the commodity sector, Bloomberg <a href="http://www.bloomberg.com/news/articles/2024-10-24/tether-usdt-asks-turkey-to-consider-digital-token-for-borate-minerals" target="_blank" rel="nofollow">has learned</a>, citing sources familiar with the matter. 
Per the sources, the <a href="https://crypto.news/tag/stablecoin/" target="_blank">stablecoin</a> issuer pitched the idea of creating digital tokens representing borate minerals to Turkish officials, though details of the discussions remain unclear. The company also suggested establishing a crypto exchange in Istanbul to support trading of these tokens, but no timeline or further information was provided. 
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Turkey holds over 70% of the world’s boron reserves and expects $1.3 billion in boron sales in 2024. Boron is used in various products, including ceramics, detergents, fertilizers, and glass. In a commentary to Bloomberg, a Turkish government official said Tether’s plan is not viable at the moment, while a bureaucrat at the Energy Ministry indicated that discussions are at an early stage. 
<h2 class="wp-block-heading" id="tether-eyes-turkey-for-blockchain-growth-amid-rising-stablecoin-adoption">Tether eyes Turkey for blockchain growth amid rising stablecoin adoption</h2> 
While no confirmation has been made, Tether chief executive Paolo Ardoino said in a commentary to Bloomberg that the company is “deeply committed to fostering innovation in Turkey’s digital-asset landscape.” 
Turkey’s high inflation and weakening currency have contributed to its appeal as a market for digital assets. Data from Chainalysis <a href="https://www.chainalysis.com/blog/middle-east-north-africa-mena-cryptocurrency-adoption/" target="_blank" rel="nofollow">shows</a> that the country saw nearly $137 billion in crypto inflows over the past year, highlighting significant adoption. 
Meanwhile, a recent <a href="https://crypto.news/stablecoin-usage-surged-in-q3-as-market-cap-hits-170b-coinbase/" target="_blank">research report</a> from Coinbase noted a rise in global stablecoin use, with a record market capitalization of $170 billion in Q3 2024. Stablecoin volumes have reached nearly $20 trillion so far this year, underscoring their increasing role in the global economy. 
 Read more: <a rel="" href="https://crypto.news/binance-sunsets-referral-program-in-turkey-due-to-local-regulations/"> Binance sunsets referral program in Turkey due to local regulations </a>

Tether pitches boron tokens on blockchain to Turkey’s officials: report

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