A report was recently published by Kaiko. According to the report, a Türkiye truth about Binance was revealed. Accordingly, Turkish Lira dominates fiat money trading on the stock exchange. Additionally, this signals a shift in crypto adoption on a global basis.
Turkish Lira rises as fiat leader on Binance exchange
There is important news about the Turkish Lira (TRY), which is experiencing a significant change in the cryptocurrency world. It started to stand out by accounting for 75% of all fiat money volume on Binance, the world’s largest cryptocurrency exchange. This new dominance of TRY attracts attention. It marks a significant transformation in global dynamics, particularly regarding the adoption of cryptocurrencies.
As of September 14, the Turkish Lira has surpassed both the Euro and the Brazilian Real (BRL). Accordingly, it consolidated its position as the leading fiat currency on the Binance exchange. The remarkable rise highlights the growing popularity of cryptocurrencies over traditional fiat currencies over the past three years. Historically, the use of the Turkish Lira on the Binance exchange has been relatively modest. Additionally, Euro and BRL were prioritized. However, the tides began to turn as cryptocurrency adoption increased in 2022. Ultimately, it brought the Turkish Lira to the fore in 2023.
Binance: A global cryptocurrency hub
Binance supports more than 380 different cryptocurrencies. Accordingly, it continues to maintain its status as the world’s leading cryptocurrency exchange. In addition to its extensive cryptocurrency offerings, Binance offers trading in more than ten fiat currencies, including the Nigerian Naira, GBP, and Australian Dollar (AUD).
Notably, the most liquid pairs on the Binance exchange include USDT, TUSD, and FUSD. Kaiko’s data further strengthens this observation. This shows that fiat trading on Binance has experienced a significant contraction of over 95% since 2021, when the highest cryptocurrency prices were seen. In November 2021, Bitcoin reached an impressive value of approximately $70,000, after which transaction volumes increased in both fiat and stablecoin pairs.
Stablecoins: The backbone of crypto liquidity
CoinMarketCap data underscores the liquidity of stablecoins in the crypto trading environment. Accordingly, the BTC/USDT pair has an average daily trading volume of over $986 million. This reveals that it is the most liquid couple. Simultaneously, the BTC/TUSD pair has a trading volume of over $486 million. This highlights the vital role stablecoins play. Of course, we should not forget Binance trading pairs here.
Stablecoins attract attention when it comes to deposits and withdrawals from exchanges including Binance. It offers unparalleled speed and efficiency compared to traditional fiat currencies. They allow for almost instantaneous transfers, in stark contrast to fiat transactions, which can take hours or even days to process. USDT, the world’s largest stablecoin by market cap, has established its presence on multiple blockchains, with Ethereum and Tron emerging as leading platforms for issuance. This versatility has solidified the position of stablecoins, especially USDT, in the crypto ecosystem.
Acceptance of cryptocurrencies in Turkey
A recent survey conducted by KuCoin, a leading cryptocurrency exchange, was on the agenda. Accordingly, it was revealed that more than 50% of individuals in Turkey now own cryptocurrencies. It is also exploring the development of a central bank digital currency (CBDC) known as Digital Lira. When we look at Kriptokoin.com, this reflects a growing interest in crypto innovation within the country.
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