Turkish stablecoin BiLira (TRYB), backed by the Turkish lira, is advancing

Turkish stablecoin BiLira (TRYB), backed by the Turkish lira, is advancing

Stablecoin BiLira will soon be launched on AVA networks, AVA Labs informs about it on its medium blog.

AVA simplifies the launch of financial applications using blockchain technology. AVA Labs has highly scalable and efficient networks that are customizable by public and private blockchains. The company is thus able to create any digital assets and anyone can get involved in creating an open, simple and democratic internet of finance.

The Turkish stable coin BiLira is backed by the Turkish Lira

We believe in the power of AVA, and we think it will revolutionize the blockchain ecosystem. With the transactional throughput north of 4,000 transactions per second and transactional finality under 2 seconds, the AVA is bound to become a global standard for all stakeholders in the ecosystem.

said Vidal Arditi, COO of BiLira

Until now, TRYB was built only on Ethereum blockchain as an ERC-20 token, and working with AVA will now allow it much greater scalability and user acceptance. Since its launch, it has 1,500 users and a total of 14 million tokens in circulation.

AVA’s performance and versatility, coupled with fiat pegged stablecoins like BiLira, can create a cryptocurrency alternative to the traditional foreign exchange markets. We’re excited to welcome BiLira to the AVA network, and expect to see many more innovative stablecoin projects like BiLira use AVA to push the boundaries of what’s possible.

said Emin Gün Sirer, Co-founder and CEO of AVA Labs

AVA has two test networks, including a final test network with more than 700 full block-producing nodes actively staking and participating in the consensus protocol. The company is in a great position to benefit from the fast-growing user community in Turkey along with the global DeFi movement.

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