TrueUSD (TUSD) has partnered with Bitci to introduce a zero-fee trading campaign for the TUSD/TRY trading pair, amid a significant surge in stablecoin adoption in Türkiye. This initiative allows traders to engage with TUSD without incurring any trading fees, enhancing the attractiveness and liquidity of the cryptocurrency.

Türkiye has emerged as a major player in the global cryptocurrency market, particularly in the stablecoin sector. The country’s crypto users have driven a substantial increase in stablecoin adoption, making Türkiye a leader in stablecoin transactions relative to GDP. This growth reflects the dynamic nature of Türkiye’s crypto community and its increasing interest in digital currencies.

Supporting Bitci’s efforts to enhance its value-added services, TUSD has fully endorsed various offers, including TUSD staking and zero-fee campaigns. These initiatives aim to provide users with more cost-effective trading options and improved liquidity for TUSD transactions.

The rise in stablecoin purchases in Türkiye has attracted significant attention from industry leaders. According to recent data from TripleA, a digital currency payment solution provider, the global cryptocurrency ownership rate was 4.2% in 2023, with over 420 million digital asset users worldwide. Notably, Türkiye has surpassed the United States in stablecoin purchases relative to its GDP, becoming the global leader in this metric.

Chainalysis’ 2024 Crypto Spring Report highlights that stablecoin transactions in Türkiye accounted for 4.3% of the country’s GDP from April 2023 to March 2024, representing $38 billion in stablecoin purchases. This significant share underscores the importance of stablecoins in the Turkish economy, particularly in times of local currency volatility and devaluation.

Analysts from Chainalysis observed that countries tend to purchase more stablecoins in response to local currency instability. This trend is especially relevant in Türkiye, where inflation reached 67% in March. Consequently, residents often convert their savings to stablecoins to protect their wealth, indicating the growing preference for stablecoins amid economic uncertainty.

Globally, stablecoins have seen a rapid increase in usage, surpassing other types of cryptocurrencies. This trend demonstrates their high utility and their role in promoting the broader adoption of cryptocurrencies for everyday transactions.

About Bitci:
Founded in 2018, Bitci facilitates the buying, selling, transferring, and storage of Bitcoin and other cryptocurrencies. According to CoinGecko data, Bitci is Türkiye’s second-largest crypto exchange and a leading Web3 projects launchpad. The exchange’s market share surged from 0.9% in 2022 to 12% in 2023, marking a 1233% increase and earning it the title of Türkiye’s fastest-growing digital asset exchange.

Bitci is also notable for being the first digital assets exchange in Türkiye to support stock trading. Its blockchain network, BitciChain, enables companies and institutions to adopt blockchain technology seamlessly. Bitci’s innovative products, including the Global Fan Token and Bitcicoin, underscore its commitment to fostering Web3 growth.

The launch of TUSD on Bitci presents new opportunities for Turkish users, offering a stablecoin alternative that can aid in portfolio diversification within the often volatile crypto market.

Comment from TUSD:
Yvonne Chia, Head of Communication at TUSD, commented on the partnership:

“Türkiye’s vibrant and thriving crypto market is clear to see, and TUSD is excited to be part of this growth. We also recognize the vast potential in stablecoin adoption in this region, which is an important part of our global expansion. We have been partnering with leading exchanges globally since 2018, and we look forward to continuing user adoption of TUSD in more international markets.”

TUSD’s integration with Chainlink’s on-chain Proof of Reserve (PoR) technology and its daily attestation service by traditional audit firms have been recognized as significant industry innovations. TUSD is available on over 80 trading platforms, including major exchanges such as Binance and HTX, making it one of the most popular stablecoins with a global audience.