Tether is reportedly seeking to expand its operations into tokenization markets in Turkey. According to sources familiar with the matter, the company is in talks to revamp the country’s boron markets by utilizing tokenization and establishing a national exchange for boron transactions.
Tether Pitches Boron Tokenization Proposal in Turkey
Tether, one of the largest cryptocurrency companies, is seeking to expand its business to tokenized commodities. According to recent reports citing people familiar with the matter who asked not to be named, the company pitched a proposal to digitize the boron markets in Turkey by issuing a boron token.
In addition, the proposal also included establishing a national exchange in Istanbul, according to the same sources. While boron might not be immediately recognized as useful for general audiences, it has several interesting applications, including its use in glass production, metallurgy, fertilizers, and others. According to estimations, Turkey possesses 70% of the world’s boron reserves, making this a relevant element for the country’s economy. Turkey hopes to export $1.3 billion worth of boron this year.
While an unnamed Turkish government official confirmed that the talks had been taking place, he also recognized that Tether’s boron proposal could not be implemented at the moment. Bloomberg reported that a member of the Energy Ministry confirmed the talks were still at an early stage and that no decisions had been taken. While Tether CEO Paolo Ardoino did not confirm the existence of these talks, he did state that the organization was “deeply committed to fostering innovation in Turkey’s digital-asset landscape.”
The move can be seen as another growth avenue for Tether, which started just as a stablecoin company but has recently expanded to other areas including artificial intelligence (AI), education, green energy, bitcoin mining, and even neurotech applications.
Read more: Tether Invests $200 Million in Blackrock Neurotech, Launches Evo Division
More recently, the company acknowledged exploring entering the private lending business, offering flexible credit lines for commodity traders. Nonetheless, the company’s main business is still USDT, its dollar-pegged stablecoin product, which recently reached a $120 billion market cap.
Writers’ take: Tether’s Turkey boron markets proposal might be an essay to test an in-house tokenization platform in a relatively large but discreet market. Nonetheless, Tether is clearly pointing to implementing its tokenization technology in large markets around the world as part of its expansion policy.
