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According to Bloomberg, Tether, the issuer of USDT, has suggested the use of digital tokens in the trade of boron minerals, a significant natural resource in Turkey. This move aims to integrate Turkey’s rich boron reserves with digital assets, making trade faster and more efficient. Given that Turkey holds 73% of the world’s boron reserves, this proposal could be seen as a global market opportunity.
Turkey’s Boron Wealth
Turkey is a world leader in boron mining. The boron deposits located in Eskişehir, Kütahya, Balıkesir, and Bursa represent the country’s largest mining resources. Boron minerals such as tincal and colemanite are abundantly extracted in these regions. Notably, the Kırka deposit in Eskişehir is rich in tincal, while Kütahya-Emet and Balıkesir-Bigadiç stand out with their colemanite reserves. Additionally, the uleksite reserves in Bigadiç hold significant economic potential.
In Turkey, the production and trade of boron and its products are managed by Eti Maden, under the Law No. 2840. Eti Maden produces numerous refined boron products, such as Borax Pentahydrate, Borax Decahydrate, and Boric Acid, and supplies them to global markets. As of 2017, the company’s annual refined boron production capacity reached 2.7 million tons, positioning Turkey as a global power in boron products.
Industrial Uses of Boron Products
Boron products are widely used in various sectors in Turkey. The glass and ceramics industries are the largest consumers of boron products, while cleaning, agriculture, and adhesives also represent significant markets. Eti Maden meets domestic market demands entirely and possesses a broad customer base worldwide.
The success of Eti Maden strengthens Turkey’s position in international trade. In 2016, the company ranked 15th among Turkey’s largest exporters and climbed to the 14th position for firms exporting to the most countries. This scenario showcases the economic benefits of Turkey’s boron wealth once again.
Tether’s proposal can be interpreted as a step towards integrating Turkey’s boron reserves into the digital asset trade. The use of digital tokens could accelerate the global trade of boron products, presenting new opportunities for Turkey. Through this initiative, Turkey could further enhance its role in the boron industry.
