TRYB is a stablecoin backed by the Turkish Lira and it is collateralized 1:1 with Turkish Lira fiat in Turkish Banks. TRYB, serves as a gateway for Turkish users to access the blockchain ecosystem using Turkish Lira (TRY). TRYB provides a smooth bridge between traditional finance and the crypto ecosystem. It empowers users to easily convert their Turkish Lira into TRYB, creating opportunities for investment and financial inclusion within the cryptocurrency environment.
TRYB Issuance and Minting Process
Similar to most stablecoin companies, BiLira operates with a pre-mint TRYB supply instead of minting every issuance. The pre-minted amount is determined by historical issuance volumes. These tokens are securely held in BiLira’s TRYB Pre-Mint Wallet. To execute the minting process securely, the team utilizes a mix of dedicated multi-sig wallet smart contracts and Fireblocks managed wallets.
When a user deposits TRY to issue TRYB, the specified amount of TRYB is transferred from BiLira’s Pre-Mint Wallet to the user's wallet. This approach ensures that BiLira can meet customer demand promptly while minimizing the need for frequent interactions with wallets that have minting privileges.
TRYB Redemption and Burn Process
At BiLira, the TRYB redemptions and burns are streamlined for the users. Each user has their secure TRYB deposit address in the BiLira platform. When a user deposits TRYB tokens to their BiLira wallet, they're moved to BiLira’s TRYB Deposit Sweep wallet. When the user chooses to redeem the specified TRYB for TRY fiat, TRY is sent to the user’s bank account. The redeemed TRYB is sweeped to the TRYB Redemption Sweep wallet and then sent to the TRYB Burn Wallet. Every TRYB that has been redeemed will be burnt and taken out of circulation.
What sets us apart from other stablecoin operators is that the sweeping and burn operations are usually batched and executed periodically, typically on a quarterly basis. (this frequency will be adjusted to weekly in Q3 2023) This strategy ensures efficient gas fee management and allows BiLira to offer services at the lowest possible minimum time and costs. Transparency is a value we hold close, and given the inherent transparency of the crypto and blockchain ecosystem, all transactions related to TRYB minting, redemption, and burn can be easily traced using blockchain scanners.
We are sharing all the wallet information that is used in the TRYB mint and burn operations.
Do you have a problem? Contact us right away. Our support team is available 24/7.
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