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Zodia Markets processed $3.4 billion in Turkish lira-pegged stablecoin transactions in 2025, making them the second-most used stablecoin category among its clients after dollar-backed tokens.
The crypto subsidiary majority-owned by Standard Chartered said the figures point to demand from payments and settlement, not just crypto trading.
Dollar Tokens Led Zodia With $110.5B Volume
Dollar-pegged stablecoins remained far ahead on Zodia’s platform, with $110.5 billion in transaction volume. Lira-pegged tokens ranked second, while euro-pegged stablecoins accounted for only tens of millions of dollars.
Nick Philpott, Zodia Markets’ co-founder and interim chief executive, said the result was unexpected because the second-largest stablecoin currency on the platform was not the euro or another G10 currency.
Clients Used Lira Tokens for Faster Settlement
Philpott said clients used lira-pegged stablecoins instead of sending Turkish lira through correspondent banking channels to Zodia’s bank account.
He said the tokens settled faster, more reliably and at lower cost. Zodia usually liquidated the lira tokens soon after receiving them, or at least by the end of the day, pointing to use as settlement tools rather than long-term holdings.
Euro Stablecoin Demand Stayed Thin at Zodia
The numbers show limited euro stablecoin demand at Zodia, even as European banks prepare new euro-backed token products under the EU’s MiCA framework.
Standard Chartered crypto analyst Geoff Kendrick said future stablecoin demand is more likely in countries where financial infrastructure is weaker or where more people are outside the banking system.
That helps explain why a high-inflation emerging-market currency can see more stablecoin flow than the euro in some institutional corridors.
Tether and Circle Still Dominate Stablecoin Supply
The lira data does not change the market’s main structure. Dollar-backed stablecoins still dominate, with Tether and Circle reporting about $188 billion and $76 billion in circulation, respectively.
Zodia said the lira stablecoin flow came mainly from payments and settlement demand. The figures show demand can come from corridors where bank transfers are slower, costlier or less reliable.
