BTSE Adds Turkish BiLira Stablecoin Amid Lira Struggles

BTSE Adds Turkish BiLira Stablecoin Amid Lira Struggles

Gate Trade News Friday, September 4, 2020 115 1

The TRYB is the 19th currency available via the exchange.

 

BTSE, a financial technology exchange, announced this Monday that it has added the digital Lira, the Turkish BiLira (TRYB), at a time when Turkey’s economy is struggling, sending its currency to its lowest level against the United States dollar earlier this month.

 

The TRYB is backed by the Turkish Lira (TRY), which, on the 7th of May, fell to a record low against the USD, reaching 7.49 to the dollar, which is lower than its previous record low of 7.236.

 

On BTSE, a British Virgin Islands-based crypto exchange, the TRYB is the 19th currency available via the exchange, joining a mix of instant fiats, cryptocurrencies and stablecoins. The digital Lira was introduced to try and support Turkey respond to times of financial crisis.