Picture this: staking a token backed by high-yield Turkish money market funds to earn around 45% annual returns. This is exactly what just launched on MegaETH, where you can now play the FX carry trade fully onchain with the Turkish Lira.
The new wiTRY-USDM lending market went live on July 29, enabling users to put up wiTRY a wrapped, yield-bearing version of iTRY, the tokenized Turkish Lira stablecoin as collateral to borrow USDM. This setup runs on Morpho through Featherlend’s market, marking the first time anyone has brought the Lira carry trade into decentralized finance.
The magic lies in Turkey’s central bank keeping interest rates sky-high, at about 45% APY, reflected through regulated Turkish money market funds backing wiTRY. Users first stake iTRY to get wiTRY, which increases in supply as yield rolls in. Then, by borrowing USDM against that wiTRY, holders pocket the interest difference between the high Turkish rates and the usually lower USDM borrowing cost.
For those hungry to push returns further, there’s an option to loop the process: convert borrowed USDM back to iTRY, stake it for more wiTRY, borrow again, and so on. Each cycle deepens exposure to the Lira’s attractive yields.
Brix Money, the team behind iTRY, raised $5.5 million to bring this token to life in April 2026. Since launch, wiTRY has enjoyed LayerZero cross-chain support and liquidity expansion across platforms like Kumbaya and Prism, with RedStone supplying the price feeds.
This onchain carry trade breathes fresh life into DeFi yield farming, offering returns that most protocols rarely touch. However, Turkey’s Lira remains volatile, so risks aren’t trivial. Still, by bringing a tried-and-true Wall Street strategy onto blockchain, MegaETH opens a new frontier for yield hunters willing to navigate emerging market turbulence.
This content is for informational purposes only and does not constitute financial advice.
