According to The Economist, stablecoin transactions in Turkey have reached 4.3% of the country’s Gross Domestic Product (GDP) by the end of March 2024. This statistic has positioned Turkey as the world’s largest stablecoin market relative to its economy. In Istanbul’s market, traders use stablecoins for faster payments to their suppliers. However, starting from February 25th, Turkey will implement new regulations to oversee digital currency exchanges, requiring licensing, anti-money laundering controls, and user verification. Consequently, major platforms like Binance and KuCoin have restricted their operations in the country. It is worth noting that the United States remains the biggest stablecoin market globally, while Ethiopia has experienced the fastest growth in transactions under $10,000 in the past year.
