The Turkish lira has become the second most used fiat currency for stablecoins globally, after the US dollar, surpassing the euro. According to Zodia Markets, the crypto arm of Standard Chartered, $3.4 billion in lira-pegged stablecoin transactions were processed in 2025.
Why Lira, Not Euro?
The main reason is high inflation and devaluation of the Turkish lira. Turkish citizens actively use lira-pegged stablecoins to preserve savings and make payments without switching to dollars. This reduces reliance on traditional banking channels.
Regulated euro stablecoins, such as EURT or EURC, face challenges: strict European regulations (MiCA) limit their issuers, and demand for euro tokens is lower than for dollar or lira equivalents. Users prefer networks with low fees and high speed, such as TRC-20 (Tron) or BEP-20 (BSC), rather than expensive ERC-20 (Ethereum).
Practical Value for Users
- TRC-20 vs ERC-20: Fees on Tron network are about $1-2 per transfer, while Ethereum can cost $5-20. For frequent stablecoin transfers, network choice is critical.
- Speed: TRC-20 processes transactions in seconds; ERC-20 can take minutes during network congestion.
- Accessibility: Lira stablecoins allow Turks to store funds in their local currency, bypassing banking restrictions.
VirtCardPay Takeaway
The stablecoin market is shifting toward regional currencies and low-cost networks. For users, this means more opportunities for fast and cheap transfers. When choosing a stablecoin, pay attention not only to the currency but also to the network — it affects your fees and speed.
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