As the Turkish lira continues to decline, investors are turning to stablecoins like Tether as a safe haven to protect their wealth. Tether's share of trading volumes on BTCTurk, one of Turkey's biggest crypto exchanges, is at 20%, compared to only 1% on Binance, indicating strong demand for stablecoins in Turkish markets.

Turkey has the highest ownership rate of digital currencies worldwide at 27.1%, according to research from GWI. The country's economic situation has made stablecoins an increasingly attractive option for investors looking to hedge against currency devaluation.