The USDT stablecoin issuer Tether has partnered with BTguru to explore crypto initiatives in Turkey. Announced via a blog on Tuesday, the collaboration aims to assess tokenization use cases for Turkish banks.
Tether, the largest stablecoin issuer by market cap, is focusing on real-world asset tokenization. This move could potentially channel trillions of U.S. dollars into the market, with McKinsey & Company estimating the sector’s market cap may hit $2 trillion by 2030.
This partnership aligns with Turkey’s new crypto regulations signed by President Recep Tayyip Erdoğan, imposing fines and prison terms for non-compliance. The legislation requires crypto exchanges to be licensed by the Capital Markets Board and meet specific legal measures.
Amid these regulatory changes, Turkey has been removed from the Financial Action Task Force’s (FATF) “grey list” for money laundering supervision. This strategic move highlights Turkey’s commitment to regulating the crypto industry while fostering innovation.
