The crypto market in Turkey has been booming in recent years, with over half of the population now invested in cryptocurrencies. This surge in crypto adoption is driven by various macroeconomic factors, leading to stablecoins and meme coins becoming the top choices for Turkish investors, even surpassing Bitcoin.
A recent report by Kaiko revealed that stablecoins, particularly USDT-TRY, have seen a significant increase in trading volume on platforms like Binance. In fact, USDT-TRY has become the largest trading pair by volume, with over $22 billion in transactions, far surpassing other pairs like PEPE-USDT.
Meme tokens have also gained popularity in Turkey, outpacing Bitcoin in trading volume. This trend suggests that Turkish traders are turning to more speculative assets to protect against currency fluctuations and maximize their profits.
The high inflation rate and currency devaluation in Turkey have been key drivers of crypto adoption. With an average inflation rate of over 40% in the past five years, many Turks have turned to cryptocurrencies as a hedge against the weakening Turkish Lira. Despite efforts to normalize monetary policy, the Lira continues to lose value, further fueling interest in crypto assets.
Binance has emerged as one of the leading trading platforms in Turkey, offering deep liquidity and low fees. Through initiatives like zero-fee trading campaigns, Binance has solidified its position as a preferred exchange for Turkish traders. The platform has also expanded its range of trading pairs, with over 200 TRY-denominated pairs available to users.
While other exchanges like Gate.io, KuCoin, and OKX have entered the Turkish market, Binance remains a dominant force with a market share exceeding 99%. The exchange’s user-friendly interface and diverse range of trading options have contributed to its success in Turkey.
Overall, the growth of the crypto market in Turkey reflects a broader trend of increasing interest in digital assets among the population. With economic uncertainty and currency devaluation plaguing the country, cryptocurrencies offer a viable alternative for investors looking to safeguard their wealth and capitalize on market opportunities.