Apr 26, 2024 - Economy

🇹🇷 Turkey stablecoin spending reaches 4% of GDP

A marketplace in Turkey, showing the Turkish flag above a stall.

A Turkish national flag hangs above the Arasta Bazaar in Istanbul, Turkey. Photo: David Lombeida/Getty

Turkish people are leaning hard on stablecoins as the Turkish lira continues its decade-plus fall.

Why it matters: It's a sign that some parts of the world really are embracing cryptocurrency as an economic refuge when inflation becomes too severe.

Between the lines: According to the spring report from Chainalysis, spending with stablecoins in the Mediterranean nation has hit 4% of GDP.

Other developing nations are also seeing significant stablecoin use.

  • Using data from CCData, Chainalysis shows that Thailand is also seeing more than 1% of GDP in stablecoin transactions, and Georgia is at more than 0.5%.
  • The U.S., European Union and the U.K. represent fourth, fifth and sixth place for stablecoin use as a proportion of their economies, though each of those are much larger economies.

That said, Turkey is the second largest (after the U.S.) for fiat purchases of stablecoins.

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