It appears what begun as a medium to be used for the purposes of providing liquidity in the cryptospace market, the stablecoins might have found another use case. This is the hyperdollarization of certain countries that want to begin adopting them hehehe.
The Republic of Turkey’s economy and the country’s native fiat currency the Turkish lira continue to experience turmoil as inflation has risen to 36%. Since this time last year, the lira has lost 44% of its value against the U.S. dollar. Meanwhile, the use of stablecoins in Turkey has skyrocketed and today, 28.96% of all trades with tether are paired against the Turkish lira.
Read in full https://news.bitcoin.com/turkeys-inflation-jumps-to-36-liras-value-plummets-citizens-flock-to-stablecoins/
Topic: [2022-01-05] Turkey's Inflation Jumps to 36%, Citizens Flock to Stablecoins (Read 49 times)
January 06, 2022, 03:18:21 AM
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