According to Zodia Markets, a subsidiary of Standard Chartered, stablecoins pegged to the Turkish lira have emerged as the second most popular stablecoins among clients, following the US dollar. In a press event, co-founder and interim CEO Nick Philpott revealed that last year, Zodia processed $110.5 billion in dollar-pegged stablecoin transactions, while lira-pegged stablecoins accounted for $3.4 billion. This trend indicates a growing preference for lira stablecoins, which offer a faster, more reliable, and cost-effective alternative to traditional correspondent banking methods for transferring lira. Philpott emphasized that these stablecoins are liquidated immediately upon receipt. Standard Chartered's crypto analyst, Geoff Kendrick, noted that the demand for stablecoins is expected to increase in countries with weaker financial systems, highlighting the importance of stablecoins in enhancing financial accessibility. The stablecoin market is currently dominated by Tether, based in El Salvador, and US-based Circle. Additionally, a group of European banks is planning to introduce euro-pegged stablecoins, although they face skepticism from the European Central Bank.