Tether suggested that Türkiye consider issuing digital tokens for borate minerals

According to Bloomberg, Tether Holdings Ltd. tried to persuade Türkiye to use digital assets to thoroughly reform the country's boron market, which is the latest sign that the cryptocurrency industry pillar is trying to use the bulk commodity industry to achieve further growth. Insiders revealed that Tether, the stablecoin issuer, has proposed to government officials to create a digital token representing borate minerals using blockchain technology. Tether also proposed the idea of establishing a digital asset exchange in Istanbul. An official of Türkiye's government said that the boron proposal could not be implemented at present, while an official of Türkiye's Ministry of Energy said that the negotiations with Tether were still at an early stage. Boron products are mainly used in the manufacturing of ceramics, detergents, fertilizers, and glass. Türkiye's monopoly supplier and state-owned mining company Etimaden Mining Bureau estimated that the country's boron reserves accounted for more than 70% of the world's total reserves. The government of Türkiye predicts that the sales will reach about 1.3 billion dollars in 2024. Although it is not clear why Tether focuses on boron and what benefits this proposal will bring, Türkiye is attractive to digital asset companies because high inflation and lira devaluation promote the adoption of cryptocurrency. According to the data of Chainalysis, a blockchain intelligence company, Türkiye has received nearly 137 billion dollars of cryptocurrency inflows in the 12 months up to June this year, ranking seventh in the world.