Chainalysis, a blockchain intelligence firm, reveals that Turkey has surpassed all other nations in stablecoin purchases relative to its Gross Domestic Product (GDP).

While the United States remains the global leader in stablecoin transaction volumes, Turkey's share of stablecoin purchases concerning its GDP has outstripped that of any other country.

According to Chainalysis' "The 2024 Crypto Spring Report," released on April 25, stablecoin purchases in Turkey accounted for a substantial 4.3% of its GDP between April 2023 and March 2024. This figure positions Turkey as the largest spender on stablecoins relative to its GDP globally.

Kim Grauer, Director of Research at Chainalysis, clarified that stablecoin transactions encompassed conversions between the Turkish lira and stablecoins in either direction. This significant stablecoin activity reflects a notable aspect of Turkey's economic landscape.

Comparatively, other economies analyzed in the report exhibit lower shares of stablecoin purchases relative to GDP. For instance, Thailand and Georgia recorded 1.3% and 0.7%, respectively, during the same period.

The United States, despite leading in overall stablecoin transaction volumes, holds a relatively smaller share of 0.5% concerning its GDP. Similarly, the European Union follows with a 0.3% share.

Stablecoins, including Tether (USDT) and USD Coin (USDC), have dominated transaction volumes, surpassing cryptocurrencies like Bitcoin and Ether. They account for over 50% of all transaction activity, indicating their utility beyond trading, particularly in everyday transactions.

Chainalysis data also indicates a surge in fiat purchases of stablecoins, especially in major jurisdictions like the U.S., the European Union, Turkey, the United Kingdom, Brazil, and Thailand. This uptick in stablecoin acquisitions correlates with local currency volatility and devaluation, notably evident in Turkey, where inflation rates soared to 67% in March.

Residents in countries facing currency devaluation, such as Turkey, frequently turn to stablecoins like USDT to safeguard their savings. This trend underscores the growing adoption of stablecoins as a hedge against economic uncertainties in various regions worldwide.