The Turkish stablecoin BiLira will reportedly be launching on AVA, an open-source platform for building and deploying decentralized finance (DeFi) apps and enterprise-grade blockchain solutions that can be run in “one interoperable, highly scalable ecosystem.”
The AVA Labs team says that the new stablecoin should help provide a safe solution for individual consumers to gain access to digital asset markets using the Turkish Lira.
As noted in a Medium blog post by Ava Labs:
“The BiLira company will launch TRYB, a stablecoin backed by the Turkish Lira, on AVA during the mainnet release. Previously, TRYB was limited to the Ethereum blockchain as an ERC-20 token.”
As previously reported, AVA’s Denali testnet recently went live as the platform gets ready for its mainnet launch in the coming months.
The BiLira team says they’re hoping that with AVA, they’ll be able to offer fast, scalable, efficient, and secure stablecoin-based transactions – which should encourage greater user adoption.
As mentioned in the announcement:
“The BiLira company is a stablecoin provider that has the vision to enhance access to the decentralized and peer-to-peer financial networks of tomorrow.”
BiLira reportedly has more than 1,500 users and 14 million tokens in supply.
TRYB may be minted at the time of deposit, and issued after users’ IDs have been verified. The stablecoin may be redeemed for fiat currency, and also transferred on the network via BiLira’s platform.
Established by Cornell professor Emin Gün Sirer, Maofan Yin and Kevin Sekniqi, AVA aims to allow everyone to create new private, public, permissioned or permissionless blockchain networks – which it refers to as “subnets.”
With AVA, developers have the option of defining their own “core” logic and “validator set–creating compliance and [take advantage of] privacy by default.”
Interoperability between different DLT networks is already built into the AVA protocol, the company claims. The TRYB stablecoin may be exchanged for other assets on the Ethereum (ETH) and AVA networks.
Vidal Arditi, COO at BiLira, stated:
“With the transactional throughput north of 4,000 transactions per second and transactional finality under 2 seconds, AVA [could] become … a standard for all stakeholders in the ecosystem.”
Dr. Sirer, co-founder and CEO at AVA Labs, remarked:
“AVA’s performance and versatility, coupled with fiat pegged stablecoins like BiLira, can create a cryptocurrency alternative to the traditional foreign exchange markets.”