Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply
chain legs are not additive
Chains
Holders on Ethereum
TRYB is a TRY stablecoin issued by BiLira.
TRYB is a Turkish lira stablecoin issued by Bilira Kripto Varlık Alım Satım Platformu Anonim Şirketi, which trades as BiLira, backed one to one by lira held in custody accounts in Turkey.
The report series runs from 2020 to 2026. The 2026 entries are independent auditor's reports from a named external firm, Corpus Denetim ve Yeminli Mali Müşavirlik AŞ, signed by Okan COŞGUN as Partner in Charge. They examine a management assertion under International Standards on Auditing to obtain reasonable assurance, and they conclude with an opinion in the affirmative rather than a statement that nothing came to the firm's attention. The February and May 2026 assertions are signed by the Chief Executive Officer, Oğuz Bora KARACA, and the August 2026 assertion by the Chief Financial Officer, Mehmet ERBAY.
The reports also write their own scope down, which is rarer than the attestation itself. The first of the two criteria lists the token contracts by explorer link, eight in the February and May reports and seven in the August report, and defines TRYb issued and outstanding as the amount those contracts carry at a stated date and time, so the perimeter sits inside the definition the opinion is given against rather than in a note beside it. Writing both of those down is what makes an attested figure testable. BiLira's own network list includes a Polygon deployment that appears in none of the 2026 reports, so the attested figure cannot speak to it.
Sources: BiLira, BiLira reserve report, 21 May 2026, BiLira reserve report, 20 February 2026, BiLira reserve report, 17 August 2026, BiLira audit reports index, BiLira TRYB on blockchains
How much TRYB is in circulation, which chains carry it and who holds it.
Codex returned a totalSupply of exactly 0 when read. That is the contract's own answer, not a read DIA failed to make.
One or more chains hold bridged claims on tokens already counted on another chain.
The contract mints and burns on a cycle, so a single read is a point-in-time balance rather than a level.
The chain rows carry no share: the total above is not a DIA read that adds them up.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across TRYB’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Not summable across chains
Ethereum245.8M TRYB
Polygon16.9M TRYB
Plasma13.4M TRYB
Avalanche10.9M TRYB
World Chain10.2M TRYB
BSC9.5M TRYB
Solana8.1M TRYB
Base553.7K TRYB
Codex0 TRYBSupply growth
Counted on Ethereum. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
Source: Blockscout.
1,037holders on Ethereum
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
How far TRYB trades from its TRY peg, from DIA's daily price reads.
Figures are in basis points: 100 bps = 1%.
Peg volatility is how much TRYB's price swings around 1 TRY from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at 0.998 TRY scores near zero. Largest deviation is the single day in the last 12 months furthest from 1 TRY, signed.
The ranking counts every active TRY stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled US$1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
For a TRY stablecoin, the largest deviation leaves out days when most other TRY stablecoins closed the same distance from par on the same side: that move is the exchange rate, not TRYB. A move TRYB makes alone, or a discount it holds while the others stay at par, is kept.
172 bps
Peg volatility, 90 days
typical day-to-day swing around 1 TRY
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 TRYB | No price today | 36 bps | 172 bps | −9829 bps (−98.29%) |
TRYB is designed to be backed by cash and money-market assets.
BiLira states that TRYB is backed one to one by Turkish lira held in custody accounts, and it publishes dated reports covering that backing running back to 2020.
The 2026 reports name their attestor, state their assurance level and give their conclusion in the affirmative. All three are headed Independent Auditor's Report and all three are signed in Istanbul by Okan COŞGUN, Partner in Charge, Sworn-in CPA, for Corpus Denetim ve Yeminli Mali Müşavirlik AŞ. The engagement is an examination of a management assertion, conducted in accordance with International Standards on Auditing, planned and performed to obtain "reasonable assurance about whether the Reserve Account Information in the accompanying Reserve Account Report is correctly stated". The conclusion is positive in form: "In our opinion, the Reserve Account Information in the accompanying Reserve Account Report ... is correctly stated, based on the criteria set forth in the Reserve Account Report, in all material respects." The February and May assertions are signed by Oğuz Bora KARACA, Chief Executive Officer, and the August assertion by Mehmet ERBAY, Chief Financial Officer.
Three reports give three readings, and the difference between that and a trend is the whole of what this section can honestly claim. At 20 February 2026, 11:00 GMT +3, the report gives 93,461,209.40 TRYb issued and outstanding against TL 109,099,082.00 held. At 21 May 2026, the same hour, it gives 162,677,688.00 against TL 175,366,533.00. At 17 August 2026, 12:00 GMT +3, it gives 61,600,302 TRYb against TL 66,400,788.00. Each date is above full backing at the moment it names.
The temptation is to read a growth rate and a coverage ratio off that set, and this page declines to. The quantity on the token side does not hold still. Naming the instant, which the reports do, is what makes the figure checkable. It is not what would make it representative, and those are different virtues.
Each report also fixes a moment. The February and May reports state a Report Date and Time of 11:00 GMT +3 and the August report one of 12:00 GMT +3, and the criteria define their quantity as of that moment rather than as of a day.
What the opinion covers is set by two criteria, and reading them is what separates this report from most.
The first defines the token side. It lists contracts by explorer URL and defines TRYb issued and outstanding as the amount denoted under those contracts at the Report Date and Time. The February and May reports list the same eight. The August report lists seven, without the Codex contract, although its criterion still names Codex among the explorers. It deducts nothing. A figure defined as everything the listed contracts carry counts tokens the issuer holds itself alongside tokens a holder holds, and the report offers a reader no way to tell the two apart.
The second defines the reserve side as "the total balances in accounts held by the Company at federally insured TL depository institutions on behalf of the TRYb holders at the Report Date and Time", and that sentence has a problem in it. Türkiye is a unitary state with no federal level, and lira deposit insurance is administered by the Savings Deposit Insurance Fund, the TMSF. The category the examined figure is anchored to does not exist where the money sits. The first criterion shows the same hand, calling Etherscan and BscScan public blockchains when they are block explorers. Neither observation is a finding about the reserve. Both are reasons to want the banks named, and no custodian is named anywhere in the 2026 reports.
Part of the document sits outside the opinion, and the report says so itself. The Notes carry their own header, "(No Assurance Provided by the Independent Auditor on These Notes)", and the auditor states that the information there "has not been subjected to the procedures applied in our examination". Where that boundary falls on custody is worth stating precisely, because it is easy to get backwards. The institution class and the on behalf of the TRYb holders language are in the second criterion, which the opinion cites. The word segregated appears only in the Notes, which it does not. So the definition of the balance is inside the opinion's reach and the description of the account structure is outside it.
No cadence is stated. BiLira says its reports are published regularly and names no interval, so the rhythm has to be read off the series, which ran roughly quarterly through 2024 and 2025 and three times so far in 2026. An observed rhythm is not a commitment.
What no onchain method can do is confirm a lira balance in a Turkish bank account. On TRYB that confirmation exists, it is dated, it is signed, and its scope is written down.
Sources: BiLira reserve report, 21 May 2026, BiLira reserve report, 20 February 2026, BiLira reserve report, 17 August 2026, BiLira audit reports index, Savings Deposit Insurance Fund (TMSF)
Ethereum0x564a341d…90acb401blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0xfb8718a6…1bdcb294blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0xc1fdbed7…46f6a594blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x92932acf…b6fe7160blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x2c537e56…76c8d0ebblacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x90729a45…a2ea4c5eblacklist(address), unBlacklist(address) +1pause(), unpause() +1mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x4fb71290…c7196eb5No control settled on this deployment.
A94X2fRy3w…typ61WZffreezeAuthoritymintAuthority0x2c537e56…76c8d0ebblacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacyRead from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can freeze · pause · mint · upgrade (proxy)
Independent reserve attestations are published quarterly.
Reserve attestation
Attested by Corpus Denetim ve Yeminli Mali Müşavirlik AS · last report 17 Aug 2026
The reserve is examined by a named external firm under ISAs and the series is running, so the open questions are about scope, continuity and access rather than about whether anyone has looked. The most recent report is dated 17 August 2026.
Scope is the sharpest of them, and it runs in two directions. The February and May 2026 reports enumerate the same eight contracts across eight chains, identified by explorer link, inside the criterion that defines the attested token figure, and the August 2026 report enumerates seven of them, without the Codex contract. The Polygon deployment is live and appears in none of them, so the attested figure does not cover it.
In the other direction the boundary runs through the custody description rather than around it. The second criterion defines the reserve as balances held at federally insured TL depository institutions on behalf of the TRYb holders, and the opinion is given against the criteria. The word segregated appears only in the Notes, which the auditor states were not subjected to the procedures applied in the examination. So the balance and the institution class are inside the opinion's reach and the account structure described alongside them is not. An attestation with a boundary is worth more than no attestation.
Continuity. BiLira publishes no reporting interval, so there is no date by which the next report is due.
Access. Redemption is set out in the TRYB Terms of Use. A customer submits a Sell TRYB request through the Platform, the Company instructs its bank to transfer the Turkish lira to the customer's bank account, and the Company undertakes that one TRYB can always be converted into one TRY through the Platform.
Sources: BiLira reserve report, 17 August 2026, BiLira reserve report, 20 February 2026, BiLira audit reports index, BiLira TRYB on blockchains, BiLira TRYB Terms of Use
Yes. BiLira's 2026 reserve reports are headed Independent Auditor's Report and signed by Okan COŞGUN, Partner in Charge and Sworn-in CPA, for Corpus Denetim ve Yeminli Mali Müşavirlik AŞ, an external firm, with the engagement conducted in accordance with International Standards on Auditing. The most recent is dated 17 August 2026. Part of each report sits outside the opinion: the notes section is headed as carrying no assurance from the auditor.
Bilira Kripto Varlık Alım Satım Platformu Anonim Şirketi, which trades as BiLira. That is the name given on both the audit report and the site footer. The February and May 2026 assertions are signed by Oğuz Bora KARACA, Chief Executive Officer, and the August 2026 assertion by Mehmet ERBAY, Chief Financial Officer.
The issuer's auditor reports 162,677,688.00 TRYb issued and outstanding at 21 May 2026, against TL 175,366,533.00 held in custody accounts. At 17 August 2026 the same auditor reports 61,600,302 TRYb issued and outstanding against TL 66,400,788.00 held. Each report also states that the TRYb issued and outstanding do not exceed the Turkish lira held in custody accounts.
BiLira's February and May 2026 reserve reports enumerate the same eight token contracts across eight chains, each identified by an explorer link, and the August 2026 report enumerates seven of them, without the Codex contract. That enumeration is the scope of the attested figure. BiLira's own page lists TRYB on nine networks, including Polygon. The Polygon deployment appears in none of the reports, so the attested figure does not cover it.
No. The reports describe the holding institutions only as a class. The assured criteria say the balances sit at "federally insured TL depository institutions", and Türkiye is a unitary state with no federal level, where lira deposit insurance is administered by the Savings Deposit Insurance Fund, the TMSF. So no counterparty can be identified from the disclosure, and the category the opinion is anchored to does not match the jurisdiction.
6 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history (to 11 Aug 2026), Block explorer holder counts (from 12 Aug 2026), Ethereum Updated
Daily close against the TRY peg, in basis points. Drag the handles under the chart to zoom; a range button resets it. The axis spans -2000 bps to +1000 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 5 closes sit beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
3 single-day provider glitches hidden: a close more than 20% off both neighbouring days that reverted by the next, or one the coin's onchain trades that day did not support.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
TRYBSource: DeFiLlama and CoinGecko prices Updated