Zodia Markets reports lira-pegged stablecoins surpassed euro and G10 currencies in client transactions last year despite lower volumes than dollar tokens.
Stablecoins tied to the Turkish lira were the second-most used at Standard Chartered’s crypto arm Zodia Markets in 2023, outpacing euro and other G10 currency tokens. Volumes remained small compared to dollar-pegged stablecoins, which dominate the market.
The demand reflects challenges in traditional lira settlement via correspondent banking, where stablecoins offered faster, cheaper, and more reliable transactions. Zodia liquidated received lira stablecoins daily, highlighting their role as a settlement tool rather than a long-term hold.
Analysts suggest stablecoin adoption may grow in markets with weaker financial infrastructure or limited banking access. Meanwhile, European banks plan to launch euro-pegged stablecoins this year despite ECB skepticism.