TrueUSD (TUSD) has joined efforts with Bitci to offer various stablecoin campaigns, including a zero-fee trading campaign that offers users an opportunity to trade TUSD without fees.
This initiative offers a zero-fee trading promotion for the TUSD/TRY trading pair, making it an attractive time for traders and stablecoin users to engage with the cryptocurrency.
Türkiye has become a notable participant in the global cryptocurrency market, especially in the stablecoin sector. The country’s crypto users have driven a significant increase in stablecoin adoption, including TUSD, positioning Türkiye as a leader in stablecoin transactions relative to GDP.
TUSD has been fully supportive of Bitci’s effort to enhance its value-added services with various offers such as TUSD staking and zero-fee campaigns for the TUSD/TRY trading pair. By eliminating fees for TUSD transactions, it allows users to enjoy more cost-effective trading and improved liquidity.
The country’s surge in stablecoin buying has drawn significant attention from key industry players. This rapid expansion in Türkiye’s stablecoin market is a testament to its dynamic crypto community and growing interest and adoption of digital currencies in general.
Per recent statistics from TripleA, a digital currency payment solution provider, the global cryptocurrency ownership rate stood at 4.2% as of 2023, with more than 420 million digital assets users worldwide.
Türkiye has outpaced the United States in stablecoin purchases relative to its GDP, becoming the global leader in this metric.
According to Chainalysis’ 2024 Crypto Spring Report, stablecoin transactions in Türkiye made up 4.3% of the country’s GDP from April 2023 to March 2024. This considerable share represents $38 billion in stablecoin purchases, a significant portion of Türkiye’s GDP, which stood at $907 billion as of 2022.
Furthermore, the Turkish economy’s stablecoin market stands out among other economies analyzed by Chainalysis. The report indicates that stablecoin purchases in Thailand and Georgia accounted for 1.3% and 0.7% of their GDP during the same period, respectively. The United States ranks fourth with a stablecoin-to-GDP ratio of 0.5%, while the European Union holds a share of 0.3%.
Chainalysis analysts have observed that countries purchase more stablecoins in response to local currency volatility and devaluation. This trend is especially relevant in Türkiye, where inflation reached 67% in March, as noted in the Chainalysis “Geography of Cryptocurrency Report 2023.”
Industry experts in Türkiye have reported that when the local currency weakens, residents often shift their savings to stablecoins to protect their wealth. This behaviour suggests that stablecoins are becoming a preferred option for those seeking stability amid economic uncertainty.
Globally, the use of stablecoins has exceeded that of all other cryptocurrency types. Crypto analysts suggest that this rapid increase in stablecoin usage demonstrates their high utility, as they have played a major role in promoting broader adoption of cryptocurrencies for everyday transactions, going beyond conventional trading activities.
Launched in 2018, Bitci facilitates the buying, selling, transfers and storage of Bitcoin and other cryptocurrencies. According to CoinGecko data, Bitci is Türkiye’s second-largest crypto exchange and Web3 projects launchpad.
Bitci’s market share surged from 0.9% in 2022 to 12% in 2023, a staggering 1233%, giving it the title of Türkiye’s fastest-growing digital asset exchange.
Bitci is the first digital assets exchange in Türkiye to add support for stock trading. The exchange’s blockchain network, BitciChain, enables companies and institutions to adopt blockchain technology seamlessly. Bitci is dedicated to fostering the growth of Web3 with its innovative products, which include its Global Fan Token and Bitcicoin.
The launch of TUSD on Bitci brings new opportunities to Turkish users. It provides an additional option for those seeking portfolio diversification, offering a well-established stablecoin alternative in the often volatile crypto market.
Commenting on this positive development, Yvonne Chia, Head of Communication at TUSD, said:
“Türkiye’s vibrant and thriving crypto market is clear to see, and TUSD is excited to be part of this growth. We also recognize the vast potential in stablecoin adoption in this region, which is an important part of our global expansion. We have been partnering with leading exchanges globally since 2018, and we look forward to continuing user adoption of TUSD in more international markets.”
TUSD’s seamless integration with Chainlink’s on-chain Proof of Reserve (PoR) technology and daily attestation service by traditional audit firms has been recognized as a value-added industry innovation.
TUSD is available on over 80+ trading platforms, including major exchanges such as Binance and HTX, making it one of the most popular stablecoins with a global audience.
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