Stablecoins, which are supported by a fiat currency other than the dollar, have started to gain an important place in the world, especially recently. The Turkish lira-backed TRYB, on the other hand, took the title of the most talked about stablecoin this week, quadrupling in just three weeks, ranking second after Tether’s euro-pegged EURt in terms of market capitalization.
What is BiLira (TRYB)?
BiLira is an Ethereum-based stablecoin created by a Turkey-based fintech company. It is specially designed as the digital equivalent of the Turkish Lira. This digital asset, abbreviated as TRYB, is equivalent to Turkish Lira, and the value of each TRYB is fixed at 1 Turkish Lira. The most important feature of BiLira is that its value is 100% backed by fiat reserves held in Turkish banks.
TRYB’s Market Value Increases
The importance of TRYB is growing rapidly among stablecoins that are not pegged to globally accepted currencies such as the US dollar. Notably, its market cap has quadrupled in the last three weeks, placing it in second place among stablecoins that are not pegged to the US dollar. This success has increased the recognition of TRYB not only in Turkey but also on a global scale.
TRYB’s market capitalization has increased 325% in the last three weeks to $136.10 million, according to data from Coinecko. This put it in second place after Tether’s EURt among non-dollar stablecoins.
In BtcTurk, Turkey’s leading crypto exchange, the dominance of USDT (Tether) continues. In the last 24 hours, the volume of USDT/TRY trading pairs reached $12.3 million, while the total volume of TRYB trading pairs was $61,700.