Tether's major project in Turkey: Boron mines are being brought to the digital world.

The world's largest stablecoin issuer, Tether Holdings Ltd., has launched a comprehensive project to digitize Turkey's boron mining sector. The project, offered to Turkey, which holds more than 70% of global boron reserves, plans to create blockchain-based digital tokens representing borate minerals. The establishment of a digital asset exchange in Istanbul is also on the agenda in the project, where Tether's senior officials have met with high-level government representatives.

Innovative Move from Tether for Turkey: Digital Transformation in Boron Mining

The company behind the world's largest stablecoin by market capitalization, USDT, Tether, has come to the forefront with a remarkable proposal for Turkey's boron mining sector. The company presented a comprehensive project that involves the digitization of Turkey's valuable boron mines using blockchain technology.

According to sources familiar with the matter, the stablecoin giant Tether's proposal includes the creation of digital tokens representing borate minerals. The company has also put forward the idea of establishing a digital asset exchange in Istanbul.

Turkish boron mining, led by the state-owned Eti Maden, which holds more than 70% of global boron reserves, could gain a new dimension with this initiative. Turkey expects to generate approximately $1.3 billion in revenue from boron sales in 2024.

Social media posts from Tether's senior executive Anadolu Aydınlı reveal that the project has been discussed with high-level government officials. It is reported that Eti Maden General Manager Yalçın Aydın, Vice President Cevdet Yılmaz, and Energy Minister Alparslan Bayraktar participated in the discussions.

Paolo Ardoino, CEO of Tether, which has a market value of $120 billion, emphasized their determination to develop the digital asset ecosystem in Turkey. The company is conducting similar efforts across a wide geography, from Venezuela to the United Arab Emirates.

Energy Ministry officials stated that the discussions are still in the initial stages and that evaluations regarding the project's feasibility are ongoing. According to Chainalysis data, Turkey ranks seventh in the world with $137 billion in cryptocurrency transactions over the past year.

Tether aims to allocate a portion of the revenue generated from its stablecoin operations to provide loans to commodity trading companies as part of its plans. The company achieved a record profit of $5.2 billion in the first half of 2024.