BiLira's TRYB stablecoin is pegged to the lira (TRY) and 100% backed by fiat reserves held in Turkish banks.
A stablecoin backed by one of the world's most volatile currencies has become one of the leading non-U.S.-dollar-pegged stablecoins.
The Ethereum-based TRYB stablecoin from Turkey-based fintech company BiLira is pegged to the lira, allowing users to issue and redeem 1 TRYB for 1 TRY. According to the official website, the stablecoin is 100% backed by fiat reserves held in Turkish banks.show the market cap of TRYB has surged by 325% to $136.10 million in three weeks.
"Stablecoins facilitate trades on crypto exchanges, serve as the underlying asset for many crypto loans, and allow market participants to avoid inefficiencies stemming from converting back to fiat currency for crypto trades,” the U.S. Federal Reserve said in December 2022. “They essentially serve as both a means of payment and store of value for these transactions." Over 80% of volume on centralized exchanges involves stablecoins, it said.
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