Turkey has become the frontrunner in the cryptocurrency sector within the Middle East and North Africa (MENA), boasting impressive transaction volumes. In 2025, it is reported that Turkey achieved nearly $200 billion in cryptocurrency dealings, far exceeding the figures of its rivals such as the United Arab Emirates, which managed just $53 billion.

While Turkey’s cryptocurrency market thrives, notably influenced by rampant speculative trading, experts from Chainalysis stress that this growth in volume does not represent a solid foundation of adoption.

A Significant Discrepancy Fueled by Altcoin Activity

Leading the region with its annual crypto transactions, Turkey’s total eclipses the combined figures of multiple MENA countries. Unlike the UAE, where a gradual shift towards practical applications of cryptocurrency has been witnessed, Turkey’s trading remains primarily speculative in nature.

Top countries in MENA by total crypto value received. Source: Chainalysis

Chainalysis indicates a recent dramatic rise in altcoin trading, which saw average daily transactions leap from around $50 million late last year to $240 million by mid-2025.

Shift from Stablecoins to Altcoins

Turkey’s rise in altcoin usage signifies a stark departure from its earlier reliance on stablecoins, which previously dominated the market’s trading patterns. The data shows stablecoin trading plummeted from above $200 million late last year to approximately $70 million this year.

The 31-day centered moving average of crypto trading volume in Turkey. Source: Chainalysis

Chainalysis notes that this increase in altcoin activity is likely a reaction to the region’s economic strains, indicating possible ‘desperate yield-seeking behavior’ among traders.

Despite the considerable success in transactions, the report finds that Turkey’s market is heavily weighted towards institutional dealings, pushing retail trading to markedly lower levels.

MENA’s Global Standing

Although Turkey’s speculative trading contributes significantly to regional growth, MENA still lags behind worldwide trends. The region’s 33% annual growth trails behind the Asia-Pacific’s 69% and Latin America’s 63%, both of which command higher growth rates.

The MENA region lags behind other regions in crypto market growth. Source: Chainalysis

The Chainalysis report also highlights that despite Turkey’s challenges and active adoption strategies among institutional investors, general participation from everyday citizens remains limited.