Turkish lira (TRY) transactions account for 75% of all fiat volume on Binance, the biggest cryptocurrency exchange by customer count. The Turkish Lira is currently the most popular currency, according to blockchain analytics company Kaiko, indicating a change in global dynamics, particularly about the adoption of cryptocurrencies.
#Turkey take-off! The chart shows the MSCI Turkey index in local currency terms. That should be the first clue — the TRY (Turkish lira) has dropped -77% vs the US dollar over the same period. So in USD terms over the same period the price return is a much lower, but still +80%. pic.twitter.com/bSIPBsU7wV
— Sobhan Dorosti (@Sobhan_dorosti) September 13, 2023
Turkish Lira Popular Fiat In Binance
In comparison to the Euro and Brazilian Real (BRL), the Turkish Lira accounted for 75% of all fiat volume as of September 14. Unknown cryptocurrencies have surpassed conventional fiat currencies in popularity during the past three years.
— Mr. as I am (@mr_as_i_am) September 12, 2023
TRY usage decreased significantly starting in 2021, with the Euro and BRL becoming more widely used. But when adoption soared in 2022, the trend shifted, propelling the currency to the top spot in 2023.
With support for more than 380 coins as of September 14, Binance is still the most widely used cryptocurrency exchange. In addition to the coins stated above, the crypto exchange also offers over ten fiat currencies, including the Australian Dollar (AUD), British Pound (GBP), and Nigerian Naira (NGN).
According to statistics, the most liquid currency pairs are USDT, TUSD, and FUSD. Kaiko data, which shows that fiat trade on Binance had decreased by nearly 95% from 2021 when values of top crypto assets peaked, has validated this observation. Bitcoin prices rose to about $70,000 by November 2021, increasing trading volumes in fiat and stablecoin pairs.
USDT And Stablecoins Still Reign Supreme
According to CoinMarketCap data, the BTC/USDT pair is the most liquid, with an average daily trading volume of more than $986 million at the time of this writing. The BTC/USD pair, on the other hand, sees trade volume of nearly $486 million.
This development demonstrates stablecoins’ level of liquidity and how well-established they are in the cryptocurrency market. For instance, depending on the method utilized, the processing time for fiat deposits or withdrawals on Binance can range from hours to days.
Even if fiat tokens like $usdt, were truly 1:1 backed stablecoins, they would still be pegged to this…. pic.twitter.com/mD5Tc1m6jt
— johnnylaw.G (@JohnnyLaw2021) September 6, 2023
Stablecoins are more flexible and transferable in a few seconds compared to fiat money. For instance, USDT, the most valuable stablecoin in the world according to market cap, is minted on Ethereum and Tron, two of the other major blockchains.
BUSD volumes soared when USDC was delisted. However, activity decreased as USDT solidified its position as a result of the New York Department of Financial Services (NYDFS) rule prohibiting Paxos—the then issuer—from issuing new tokens. The data indicates that Binance activity in TUSD and FUSD is still very high.
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Over 50% of people in Turkey own cryptocurrency, according to a recent survey by the cryptocurrency exchange KuCoin. The Digital Lira, a CBC used by the Turkish central bank, has also been tested by the government.
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