They want to create digital tokens backed by boron, a mineral that Turkey has in abundance.
Turkey is home to more than 70% of the world’s borate mineral reserves, making it a gold mine for this valuable resource. Let’s discover what is Tether trying to do with it.
What’s the Buzz About Boron?
Boron is a natural compound that is essential for many everyday products. It’s used to make ceramics, detergents, fertilizers, and even glass. With Turkey predicting about $1.3 billion in boron sales next year, it’s clear that this mineral plays a big role in the economy.
According to Bloomberg, Tether’s idea is to link this valuable mineral to digital tokens, which could be traded like money on the blockchain.
Bloomberg reports that Tether is exploring digital tokens tied to Turkey’s boron market, showcasing the growing use case for blockchain in real-world assets.
In emerging markets, stablecoins are proving to be essential for modernizing industries and driving financial… https://t.co/PzlzR7YXVY
— Ryze Labs (@RyzeLabs) October 24, 2024
Tether suggested to Turkey that they should use blockchain technology to make these digital tokens.
Turkey’s Reaction
While Turkey is still figuring things out, officials have noted that Tether’s proposal is still in the early stages. One official mentioned that it isn’t something that can be implemented right away, but the discussions are happening. This shows that there’s interest on both sides, even if they’re just dipping their toes in the water.
Tether also raised the idea of setting up a digital asset exchange in Istanbul. This would be a platform where people could trade these boron-backed tokens and other digital assets, similar to how people trade stocks and cryptocurrencies today.
The Bigger Picture
Tether’s proposal aligns with a growing trend in the crypto industry known as tokenization. This process involves using blockchain networks to create digital representations of real-world assets, or RWAs.
Disclaimer
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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