TechFlow news, October 24 — According to Bloomberg, Tether Holdings Ltd. is attempting to persuade Turkey to use digital assets to overhaul the country's boron market, marking the latest sign of the crypto industry's push to leverage commodity sectors for further growth.
People familiar with the matter said that stablecoin issuer Tether has presented a proposal to government officials to utilize blockchain technology to create digital tokens representing borate minerals. Tether has also proposed establishing a digital asset trading platform in Istanbul.
A Turkish government official stated that the boron proposal is not yet implementable, while an official from Turkey’s Ministry of Energy said discussions with Tether remain in early stages. Boron products are primarily used in the production of ceramics, detergents, fertilizers, and glass. Eti Mine Works General Directorate, Turkey’s state-owned mining monopoly, estimates the country holds more than 70% of global boron reserves.
