Türkiye leads world in stablecoin use as FSB demands new rules

• Türkiye leads global stablecoin demand but lacks specialized regulatory framework.
• The FSB recommends immediate reforms on reserve management, redemption, and transparency.

On November 11, 2026 (UTC), the Financial Stability Board (FSB) reported via peer review that Türkiye is the world’s highest stablecoin user relative to the size of its economy—stablecoin activity amounts to 4.3% of GDP—while operating without dedicated regulation for stablecoins. According to the FSB press release, Turkish authorities have finalized a framework for general crypto assets and introduced licensing requirements for exchanges and custodians, but have not established a comprehensive regime for stablecoin issuers covering reserves, redemption, or operational transparency.

The FSB peer review highlighted the absence of specialized stablecoin laws as a central regulatory gap. Stablecoin issuers in Türkiye do not face clear requirements for reserve management, redemption rights, or maintaining peg stability, creating uncertainty for users and increasing systemic risk.

Currently, the Crypto Asset Central Registry System (KVMKS) only monitors activities on domestically licensed platforms. This limited scope leaves authorities unable to track funds held on foreign exchanges or self-custody wallets, according to the FSB. Turkish users frequently engage with offshore venues for derivatives and leverage trading, which remain unavailable on domestic platforms.

The FSB stressed that Türkiye’s high reliance on dollar-pegged stablecoins such as USDT is fueling “digital dollarisation,” exposing the national currency, the lira, to increased vulnerability and risks to financial stability. Local demand for stablecoins is driven by inflation protection and cross-border capital movement.

The FSB recommended that Ankara urgently establish a dedicated stablecoin regulatory regime. It called for explicit rules governing reserve management, redemption rights, and transparency from stablecoin issuers, as well as tighter supervision and enforcement for cross-border activities. The FSB also advised Turkish authorities to publish a clear timeline for implementing these reforms and expand audit capacity to ensure robust oversight.

As of November 11, 2026, 15:10 UTC, Tether USDt (USDT) is trading at $0.999 with a 0.004% change, while USD Coin (USDC) is trading at $1.00 with a -0.004% change, according to TradingView News.