The popularity of stablecoins in Turkey is accelerating, and Bitci has launched a zero-fee promotion for TrueUSD (TUSD)

TrueUSD (TUSD) has partnered with Bitci Exchange to launch multiple stablecoin initiatives, allowing users to participate in zero-fee activities for commission-free trading of TUSD.

During the event, the TUSD/TRY trading pair will have no transaction fees, providing an excellent opportunity for traders and stablecoin users.

Turkey's Crypto Market Booms, Bitci Exchange Launches TUSD Zero-Fee Activity

Currently, Turkey has become an important player in the global cryptocurrency market, especially in the stablecoin sector. Cryptocurrency users in the region have begun to widely use stablecoins, including TUSD, making Turkey a leading country in stablecoin trading volume relative to its GDP.

TUSD fully supports Bitci in enhancing its value-added services, launching several initiatives including TUSD staking and the TUSD/TRY zero-fee trading pair. Waiving TUSD trading fees reduces transaction costs for users and enhances liquidity.

Turkey Leads Stablecoin Trading

Recently, there has been a surge in stablecoin purchases in Turkey, attracting widespread attention from industry participants. The rapid rise of the stablecoin market in Turkey indicates that the local crypto community is vibrant and increasingly interested in digital currencies, eager to embrace cutting-edge trends.

Recent data from digital currency payment solution provider TripleA shows that as of 2023, the global cryptocurrency ownership rate is 4.2%, with over 420 million digital asset users worldwide.

In terms of the proportion of stablecoin purchases to local GDP, Turkey has surpassed the United States, leading globally.

According to Chainalysis' "2024 Cryptocurrency Spring Report," from April 2023 to March 2024, Turkey's stablecoin trading volume accounted for 4.3% of the country's GDP, equivalent to a total purchase of $38 billion in stablecoins. Considering Turkey's GDP was $907 billion in 2022, the local stablecoin purchase volume represents a significant proportion of GDP.

Moreover, Turkey's stablecoin market performance has outpaced other regions analyzed by Chainalysis. The report shows that during the same period, stablecoin purchases in Thailand and Georgia accounted for 1.3% and 0.7% of their local GDPs, respectively. The United States ranked fourth, with stablecoin purchases accounting for 0.5% of GDP, while the European Union region had a ratio of 0.3%.

Chainalysis analysts noted that when national fiat currencies experience volatility or devaluation, residents' stablecoin purchases tend to increase correspondingly, a trend particularly evident in Turkey. According to Chainalysis' "2023 Cryptocurrency Overview," Turkey's inflation rate reached 67% in March.

Industry experts in Turkey indicate that when the national fiat currency weakens, residents typically choose to convert their savings into stablecoins to avoid asset devaluation. This behavior suggests that in times of economic uncertainty, stablecoins are becoming a favored means of preserving asset value.

Globally, the usage of stablecoins has far exceeded that of other cryptocurrencies. Cryptocurrency analysts believe that the rapid increase in stablecoin usage indicates its high practicality. Stablecoins have propelled cryptocurrencies beyond traditional token trading, integrating widely into people's daily lives.

About Bitci

Founded in 2018, Bitci allows users to buy, sell, transfer, and store cryptocurrencies like Bitcoin on its platform. According to CoinGecko data, Bitci is the second-largest cryptocurrency exchange in Turkey and a Web3 project issuance platform.

In 2023, Bitci's market share surged from 0.9% the previous year to 12%, an increase of 1233%, making it the fastest-growing cryptocurrency exchange in Turkey.

Bitci is Turkey's first digital asset exchange to support stock trading, and its BitciChain blockchain network enables companies and institutions to seamlessly embrace blockchain technology. Bitci is committed to driving the development of the Web3 industry through various innovative products, including Global Fan Tokens and Bitcicoin.

Creating New Opportunities for Turkish Users

The launch of TUSD on Bitci brings new opportunities for Turkish users. In the frequently volatile cryptocurrency market, TUSD, as a mature stablecoin, offers users seeking portfolio diversification a new choice.

Regarding this collaboration, TUSD's communications head Yvonne Chia stated:

"It is evident that Turkey's cryptocurrency market is vibrant and thriving. TUSD is pleased to be part of it. We believe that stablecoins have enormous potential in Turkey, which is also an important part of our globalization strategy. Since 2018, TUSD has been collaborating with top global cryptocurrency exchanges, and we look forward to TUSD continuing to expand into more regions worldwide."

TUSD employs Chainlink's Proof of Reserve (PoR) technology and daily verification services from traditional auditing firms, a leading industry innovation that has received widespread recognition.

TUSD is currently listed on over 80 trading platforms, including Binance and HTX, becoming a popular choice among global stablecoin users.