Tether(USDT) News: Erdogan Rival’s Detention Fuels Volatility in USDT/TRY Pair, Sparking Crypto Rush

Recent political developments in Turkey have significantly impacted the cryptocurrency market, particularly the USDT/TRY trading pair on Binance. Here’s a closer look at what happened and its implications for the future of digital assets.

Erdogan Rival’s Detention Causes High Volatility in Binance’s USDT/TRY Pair

The detention of Istanbul Mayor Ekrem Imamoglu, a key rival to President Tayyip Erdogan, caused significant market volatility in Turkey. The lira took a sharp nosedive, hitting a new all-time low, and Binance’s USDT/TRY trading pair saw wild price swings, spiking 6.4% in volatility, the highest level since April 2024. This event sparked a rush into crypto as investors sought alternative assets.

EU Crypto Payments Shift to Retail and Food

A recent report by Oobit reveals that 70% of cryptocurrency payments in the European Union are used for retail and food purchases. The average payment size is $8.36, while deposits average $85. Tourism-related activities account for 26% of payments, followed by government services, digital payments, healthcare, and entertainment, each with 1.5%. The increased adoption is attributed to the EU’s acceptance of digital assets bolstered by government legislation. Notably, 92% of these transactions are conducted using the USDT stablecoin.

Tether Ranks Among Top Buyers of U.S. Treasuries in 2024

Tether, the crypto company behind the largest stablecoin USDT, revealed it ranked as the seventh largest net buyer of U.S. Treasury securities in 2024. The firm purchased a net $33.1 billion worth of U.S. Treasury securities last year, surpassing countries like Canada, Mexico, and Germany. This underscores the significant demand from U.S. dollar stablecoins in the U.S. government debt market. Japan and China were net sellers, significantly reducing their U.S. Treasury holdings.