- TRYB stablecoin, backed by Turkish lira, disrupts non-USD stablecoin market with 325% growth.
- Ethereum-based TRYB is fully backed by fiat reserves in Turkish banks, assuring user trust.
- While TRYB gains traction in Turkey, it must still compete with the dominant USDT.
TRYB, a stablecoin pegged to Turkey’s lira, has burgeoned into one of the most significant non-USD-pegged stablecoins in the market. Turkey-based fintech company BiLira developed this Ethereum-based token, securing it 100% with fiat reserves held in Turkish banks.
Coingecko data reveals that TRYB’s market cap has soared by 325%, reaching $136.10 million in just three weeks. This remarkable rise positions TRYB as one of the largest non-USD-pegged stablecoin, lagging only behind Tether’s EURt.
Stablecoins like TRYB serve as essential base currencies in crypto trading, facilitating stability often elusive in fiat currencies. While TRYB’s influence in Turkey intensifies, USDT still holds sway.
On Sept 1, trading volumes indicate that USDT/TRY transactions on BtcTurk, Turkey’s largest crypto exchange, have clocked in $12.3 million. Meanwhile, TRYB’s total trading volume on platforms like MECX, Pangolin, and Icrypex is a relatively modest $61,700.
At present, TRYB is trading at a competitive $0.036, experiencing a 70% decrease owing to market fluctuations.
In the crypto space’s foreseeable future, it’s plausible to envisage TRYB as a fulcrum for diversifying stablecoin reliance, especially as it solidifies its footprint domestically and, eventually, globally.
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