Turkey Leads Global Stablecoin Purchases Relative to GDP, Chainalysis Report Finds

Chainalysis reports that Turkey leads the world in stablecoin purchasing relative to its gross domestic product (GDP), with stablecoin buying accounting for 4.3% of its GDP between April 2023 and March 2024. This figure surpasses other economies analysed, including the United States, which holds a 0.5% share of stablecoin buying from its GDP. Stablecoin purchases in Turkey amounted to $38 billion during the mentioned period, reflecting the country's significant reliance on stablecoins amidst local currency volatility and devaluation. The high inflation rate, reaching up to 67% in March, has led Turkish residents to frequently turn to stablecoins like USDT to safeguard their savings from the devaluation of the local currency. Additionally, the use of stablecoins, including Tether (USDT) and USD Coin (USDC), has exceeded other cryptocurrencies such as Bitcoin and Ether, representing over 50% of all transaction volume in recent months, according to Chainalysis.