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Turkey's lira stablecoin holds the No. 2 non-dollar slot globally, and its supply is minted in lockstep with an inflation that locals outrun through dollar tokens.
Source: DIA on-chain data + external source
TRYB is the world's No. 2 non-dollar stablecoin by volume, yet its entire market is about $5.9M in dollar terms. That gap is the story: the lira's collapse makes nominal lira supply balloon even as locals hedge their actual purchasing power into dollar tokens.
DIA's stablecoin map, computed from onchain contract state, reads TRYB's Ethereum leg at 288,771,449 tokens as of 2026-08-13. CoinGecko independently reports the same circulating supply (288,771,449 units, $5.85M at 1 TRY = $0.0203). The two figures match to the token, which is the cross-check that the map's current read is the real current supply rather than a partial read. The supply figure is large in nominal units and small in dollars for one reason: a lira is $0.0203. TRYB's units have grown with the lira's depreciation and with trading demand, not with dollar-denominated demand.
Turkey runs annual inflation around 32 percent (TURKSTAT, June 2026) after years of faster depreciation. Locals respond by holding dollar stablecoins: Castle Island and Chainalysis data put stablecoin purchases at roughly 4.3 percent of Turkey's GDP, the highest share in the world, and USDT/TRY is among the largest trading pairs on global exchanges. In that environment a lira-pegged coin holds downside risk, so on-chain lira is not a price hedge. It is a trading and settlement rail. Zodia Markets, Standard Chartered's crypto subsidiary, reported on 2 June 2026 that lira-pegged stablecoins were its second-most-used stablecoin category in 2025, processing $3.4 billion, ahead of the euro and every other G10 currency, with $110.5 billion in dollar-pegged tokens by comparison. The lira names the instrument because the volume contract is denominated in lira: traders and businesses quoted in Turkish lira settle the pair in on-chain lira and bridge to dollars at the edge. As the lira keeps depreciating, the same real activity is quoted in more and more lira, which is exactly the shape the map records. TRYB predates the buildout. BiLira launched it in 2019, it runs across six chains with 1:1 issuance and redemption against lira reserves held at Turkish banks, and it is fully backed with periodic attestations. It has been called the world's second-largest non-dollar stablecoin since September 2023. The CBRT restriction on crypto payments means this volume runs through exchanges and settlement, not checkout.