BiLira (TRYB), Turkey’s first stablecoin which is backed by the Turkish fiat currency lira announced on twitter that the token has been listed on the Bittrex Global crypto exchange. The announcement detailed that the ERC-20 token will be available for trading starting from today. Global Bittrex, a U.S based cryptocurrency trading platform, also joined the announcement by publishing a tweet that said:
All eyes on Turkey! The $BTC-TRYB and $USDT-TRYB markets are now open for trading on https://t.co/qqUxxVyvDo. For more information about BiLira $TRYB visit: https://t.co/k7ZgE0pItG. @bilira_official #TRYB #BGListings pic.twitter.com/CR7I6fintd
— Bittrex Global (@BittrexGlobal) September 2, 2020
Turkey’s first blockchain-based stablecoin has a market capitalization worth approximately $2 million, with 20 million BiLira tokens in circulation, according to CoinGecko. The digital Lira is 100% collateralized by the Turkish lira and is also said to be safeguarded by BiLira’s banking partners.
A local news source reported that BiLira made way for the convenient trading of digital assets and cryptocurrencies especially with the BiLira valued one to one with the Turkish Lira. The report added that Turkish people can now make use of this opportunity to redeem their tokens for fiat currency and transfer them on the network using the BiLira platform, globally.
The Turkish BiLira was previously listed on the Bitcoin Trading and Securities Exchange, BTSE, a financial technology exchange, in May, earlier this year. The listing occurred during Turkey’s economic struggle which witnessed a sharp drop of lira’s value against the United States dollar.