Lira-Backed TRYB Token Becomes World's Second-Largest Non-Dollar-Pegged Stablecoin

BiLira's TRYB stablecoin is pegged to the lira (TRY) and 100% backed by fiat reserves held in Turkish banks. While the stablecoin world is dominated by dollar-backed tokens like tether (USDT) and USD Coin (USDC), there's a smaller chunk of the market that's pegged to other currencies. Now, a token backed by Turkey's lira (TRY), one of the most volatile fiat currencies globally, has become one of the world's 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. Data from Coingecko show the market cap of TRYB has surged by 325% to $136.10 million in three weeks.

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