The Stablecoin giant Tether is keen to know more about the possibility of introducing new lines of business into the Turkish banking system in conjunction with local crypto company BTguru.
Tether is expanding its presence of Tether in Turkey through a partnership with a cryptocurrency business to share industry-specific expertise.
The firm, the holder of Tether ( USDT) stablecoin and USDT stablecoin has signed a memorandum agreement (MoU) with the local cryptocurrency platform BTguru to assess education initiatives related to digital assets in Turkey as it revealed two days ago.
BTguru advertises its company as a strategic and technology partner, with a focus on virtual cryptocurrency assets “for primary banks.”
In the context of the agreement, Tether will assess the creation of programs that will introduce the public and private sectors within Turkey to the advantages of cryptocurrency and blockchain technology.
The MoU is also designed to encourage peer-to-peer (P2P) technology with the BTguru connections in order to benefit and facilitate conversations with banks across the country.
In addition, Tether and BTguru will look at the actual asset tokenization scenarios for banks and analyze regional payment network possibilities.
Tether is used to determine the business opportunities that can be incorporated into the Turkish banking sector
In the words of Tether Chief Executive Officer Paolo Ardoino, Tether and BTguru are both committed to stimulating the transformational potential of digital assets and P2P technology.
“This MOU is able to impart the foundation needed for responsible and educated usage of electronic assets. We are delighted to join a movement that will promote liberty and empower people across Turkiye,” Arduino said.
BTguru member Can Bukulmez said that the new partnership with Tether is aimed at introducing new business lines to the stablecoin-based firm. This partnership also aims to examine which business lines could be incorporated into the banking sector in Turkey and emerging digital asset companies.
Turkey is emerging as a major cryptocurrency hub.
The expansion of Tether in Turkey coincides with the rise of cryptocurrency, which is gaining popularity in Turkey at a rapid rate. According to statistics from Binance, Turkey ranks fourth in terms of transaction volume and 12th in the adoption rate at a rate of 40 per cent, making Tether a major participant in the global cryptocurrency ecosystem.
The stablecoins that Turkey purchases constitute a substantial portion of the country’s GDP, making up 4.3 per cent of the country’s GDP, and are the highest of all countries around the world, like Chainalysis.
With the interest of the Turkish community in digital assets and blockchain technology, Turkey emerges as one of the leading global hubs for crypto with a dynamic ecosystem, active participants, and significant transaction volumes,” Binance TR general manager Mucahit Donmez stated in a statement released on July 2.
Binance and Tether’s efforts to be part of the Turkish cryptocurrency ecosystem have grown after a huge hack on the local cryptocurrency exchange BtcTurk. According to Peckshield’s analysis, hackers stole over 100 million dollars in cryptocurrency from BtcTurk on June 22.
The developments also come after an event in the local regulatory system. In the latter part of June, Turkey was notified that the Financial Action Task Force (FATF) removed Turkey from its grey list, noting “significant progress” in improving its system of Anti-Money Laundering (AML) and combating the financing of terrorists.
