As of Thursday, the Turkish Lira (TRY) dominated 75% of all fiat volume on Binance, the largest cryptocurrency exchange by client count. The blockchain analytics firm Kaiko confirmed this trend, indicating a significant shift in global dynamics concerning cryptocurrency adoption.
The Turkish Lira's dominance marks a considerable change from previous years. In 2021, the Euro and the Brazilian Real (BRL) were more popular, with TRY's use among the lowest. However, this trend shifted in 2022 as adoption of TRY spiked, pushing it to the top spot in 2023.
Binance continues to be the most popular cryptocurrency exchange, supporting over 380 coins and more than ten fiat currencies, including the Nigerian Naira, GBP, and the Australian Dollar (AUD).
Despite the rise in fiat trading with TRY, stablecoins still maintain a high level of liquidity. Data from CoinMarketCap reveals that the BTC/USDT pair is the most liquid, with an average daily trading volume exceeding $986 million. The BTC/TUSD pair follows closely behind with over $486 million in trading volume.
Stablecoins like USDT offer more fluidity compared to traditional fiat currencies. Processing times for fiat deposits or withdrawals on Binance can range from hours to days, depending on the method used. In contrast, stablecoins can be transferred within seconds.
Following the delisting of USDC, BUSD volumes spiked. However, a directive from the New York Department of Financial Services (NYDFS) barring Paxos—the then issuer—from minting new tokens saw activity shrink as USDT cemented its position.
The shift towards cryptocurrency is not only evident in trading but also in ownership. A recent survey by KuCoin revealed that over 50% of people in Turkey own crypto. The Turkish government has also been experimenting with a central bank digital currency (CBC), the Digital Lira.
This shift towards cryptocurrency and the dominance of TRY in Binance's fiat volume indicate a significant change in the global dynamics of crypto adoption.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.