Stablecoins pegged to the Turkish Lira were the second most popular among Zodia Markets clients last year, Standard Chartered's crypto subsidiary announced on Tuesday.
Nick Philpott, co-founder and interim CEO of Zodia Markets, said at a press event that the Turkish Lira was the second-largest currency by Stablecoin transaction volume last year, surpassing the Euro and other G10 currencies.
Zodia Markets processed $110.5 billion in dollar-pegged Stablecoins in 2025, $3.4 billion in Lira-pegged Stablecoins, and tens of millions of dollars in Euro-pegged Stablecoins. Philpott noted that clients used stablecoins pegged to the lira as an alternative to transferring lira through correspondent banks to Zodia's account. Turkish lira (TRY) stablecoins provided faster, more secure, and cheaper settlements: Zodia converted them immediately upon receipt or daily.
Standard Chartered cryptocurrency analyst Jeff Kendrick noted that future demand for stablecoins will likely be higher in countries with weak financial infrastructure or large populations without access to the financial system.
The stablecoin market is led by El Salvador-based Tether and US-based Circle, with tokens in circulation amounting to $188 billion and $76 billion, respectively.
A group of European banks plans to launch euro-pegged stablecoins this year, but is facing skepticism from the European Central Bank.