Turkish Lira Dominates Fiat Volume on Binance
A recent report from blockchain analytics firm Kaiko confirms that the Turkish Lira (TRY) is the most preferred fiat currency on Binance, accounting for 75% of all fiat volume. This indicates a significant shift in global dynamics and highlights Turkey’s growing adoption of cryptocurrencies.
Changing Trends in Crypto Adoption
In the past, traditional fiat currencies like the Euro and Brazilian Real (BRL) were more popular on Binance. However, starting in 2022, there has been a surge in adoption of the Turkish Lira, making it the top fiat currency on the exchange in 2023.
Binance’s Wide Range of Fiat Options
Binance, with over 380 supported coins, remains the most popular cryptocurrency exchange. In addition to the Turkish Lira, it supports various other fiat currencies such as the Nigerian Naira, GBP, and Australian Dollar (AUD).
Decline in Fiat Trading Volumes
Data from Kaiko reveals that trading volumes in fiat pairs on Binance have decreased by over 95% since 2021 when crypto prices reached their peak. The popularity of stablecoins like USDT, TUSD, and FUSD remains high due to their liquidity.
USDT and Stablecoins Lead in Liquidity
The BTC/USDT pair is currently the most liquid on Binance, with an average daily trading volume of over $986 million. The BTC/TUSD pair also attracts significant trading volume at over $486 million. FUSD activity on Binance remains strong as well.
Rise of Crypto Ownership in Turkey
A survey conducted by crypto exchange KuCoin reveals that more than 50% of people in Turkey own cryptocurrencies. The Turkish government is also exploring the development of a central bank digital currency (CBC), known as the Digital Lira.
Hot Take: Turkish Lira’s Crypto Dominance Signals Global Shift
The dominance of the Turkish Lira in fiat volume on Binance highlights Turkey’s increasing embrace of cryptocurrencies. This trend not only reflects changing preferences among traders but also points to a broader shift in global dynamics regarding crypto adoption. As Turkey continues to explore the possibilities of a central bank digital currency, it is clear that cryptocurrencies are becoming an integral part of the country’s financial landscape.
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