Stablecoins and Memecoins Surpass Bitcoin in Turkey’s Growing Crypto Market

• The global cryptocurrency market is experiencing significant growth, and Turkey is no exception.
• According to research by Kaiko, over half of the country’s population invests in cryptocurrencies.
• Macro-economic factors like high inflation, currency devaluation, and a largely unbanked young population are key drivers behind this rise.

Discover why Turkey is emerging as a significant player in the global cryptocurrency landscape, driven by unique economic conditions and trading preferences.

The Surge of Cryptocurrency Adoption in Turkey

Research conducted by Kaiko indicates that more than half of Turkey’s population is now involved in cryptocurrency investments. This upsurge is primarily attributed to macroeconomic conditions such as high inflation rates and the significant devaluation of the Turkish Lira (TRY), which incentivize people to seek alternative financial instruments. The country’s youthful and largely unbanked population also plays a vital role in this growing trend.

Currency Preferences and Emerging Trends

A notable finding from Kaiko’s research is that the Turkish Lira is the fourth most-used fiat currency in the global crypto market. Stablecoins and memecoins have emerged as favorites among Turkish investors, even outperforming Bitcoin in terms of trading volume. This shift reflects an intriguing trend where Turkish traders are increasingly seeking stablecoins to hedge against currency volatility and memecoins for speculative purposes.

Domination of Stablecoins and Memecoins

In Turkey’s inflationary environment, stablecoins have become incredibly popular. Kaiko reports that the USDT-TRY trading pair on Binance reached a trading volume exceeding $22 billion in 2024, becoming the exchange’s largest trading pair. Following closely, the PEPE-USDT pair recorded a volume of $4 billion, highlighting the growing interest in memecoins. These findings suggest that Turkish investors are turning to more volatile and speculative digital assets as a strategy to combat currency instability and seek quick profits.

Binance’s Market Leadership in Turkey

Binance has solidified its position as one of Turkey’s leading cryptocurrency trading platforms, thanks to its high liquidity and low fees. One of the critical factors behind its success is its zero-fee trading campaign, which has attracted many investors. Additionally, Binance offers a broad spectrum of TRY trading pairs, adding 61 new pairs in 2024 alone, bringing the total to over 200. This aggressive listing strategy has made Binance the go-to platform for Turkish crypto investors, even amidst a bearish crypto market in 2022.

Conclusion

The Turkish cryptocurrency market is undergoing rapid development, driven by unique macroeconomic challenges and evolving investor preferences. The significant adoption of stablecoins and memecoins highlights an adaptive market that seeks both stability and speculative opportunities. Binance’s dominance further underscores the demand for diverse trading options and low-fee structures. As Turkey continues to navigate economic challenges, its burgeoning cryptocurrency market offers a glimpse into the future financial landscape in the region.