Since President Recep Tayyip Erdogan’s victory rattled markets, local demand for Tether, a dollar-backed stablecoin, has increased. This demand peaked at the beginning of May in anticipation of the elections. While there’s been a worldwide crackdown on the resource class and falling costs for the greatest tokens, the lira has fared surprisingly more dreadful, penetrating noteworthy lows as of late. Stablecoins in Turkey’s lira market up 11% after Erdogan’s election The Turkish currency has lost 11% against the dollar over the past week as the central bank has stopped intervening to help it recover from the vote. Erdogan’s unconventional economic
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