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.
Context: The lira has been losing against the dollar going back to 2008.
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.
