Brix, a tokenized real-world asset protocol, has closed a $5.5 million seed round and announced its debut on MegaETH, an Ethereum Layer 2 network that launched on February 9, 2026.

The company's flagship product, iTRY, is a token backed by Turkish money market fund holdings that will let holders of compatible crypto wallets gain exposure to yields driven by Turkey's elevated central bank interest rates. The product is not yet publicly live; Brix is currently operating a waitlist.

Investors in the seed round include Mento VC, Sancus Ventures, Frees Fund, IOBC Capital, and Plug and Play Tech Center, among others.

How iTRY Works

iTRY is not a stablecoin in the traditional sense. Rather than tracking a fixed price, it accrues value as the underlying Turkish money market fund (a short-duration fund holding Turkish sovereign instruments) grows. Users who stake their iTRY receive wiTRY, a wrapped version that distributes yield directly onchain. The protocol structures this through what it calls a Digital Liquidity Fund, with assets held at regulated local banks.

The yield target of approximately 40% annually reflects Turkey's policy rate, which the central bank held at 37% in March 2026 after cutting from a peak of 42.5% in early 2025. Forecasters expect the rate to fall to around 27 to 28% by the end of 2026, which would compress but not eliminate the yield advantage.

The key technical hurdle the project had to clear was pricing. Foreign exchange markets close on nights and weekends, but blockchains run continuously. RedStone Finance, an oracle provider, built a three-feed solution for Brix. The first feed is a hybrid TRY/USD price that uses institutional FX desk data during trading hours and aggregates from crypto exchange perpetual contracts during off-hours. The second is a dedicated feed tracking the net asset value of the underlying Digital Liquidity Fund. The third publishes a data freshness timestamp that signals when each price was last updated and enables permissionless composability. Together, these feeds ensure that lending protocols and other applications using iTRY as collateral can verify accurate, continuously available pricing at any hour.

"Carry trade moving onchain represents significant potential," said Namik Muduroglu, who handles strategy at MegaETH.

Why MegaETH

MegaETH launched its mainnet on February 9, 2026, targeting 100,000 transactions per second and block times under one millisecond, according to the company. The network is backed by Vitalik Buterin and raised a $20 million seed round from Dragonfly Capital. It reached $66 million in total value locked at launch and climbed to $84 million within weeks, with the project reporting 581% TVL growth over February 2026 as a whole.

By comparison, Base, Coinbase's Layer 2, holds roughly $4 billion in TVL, so MegaETH is early in its growth curve.

MegaETH has signaled strategic alignment with the Brix approach directly. "Brix enables a fundamentally new class of tokenized, yield-bearing stablecoins," the project's official account stated, underscoring the potential for iTRY to add lira-denominated assets to the network's ecosystem.

The network's token, MEGA, has not yet launched. Its release is tied to reaching any one of three adoption thresholds on the network: $500 million in circulating stablecoin supply, ten "Mega Mafia" apps going live, or three decentralized applications each sustaining $50,000 in daily fees for a month. Any one of those conditions could trigger the token generation event.

A yield-bearing Turkish lira token could contribute toward that figure, giving both teams a reason to coordinate the launch.

Brix's contracts use LayerZero OFT adapters, a standard that makes tokens portable across multiple EVM-compatible blockchains. That means iTRY is not permanently tied to MegaETH and could expand to Arbitrum, Base, or other networks if the protocol scales.

Turkey's Crypto Context

Turkey ranks fourth globally by crypto trading volume, according to Kaiko Research. Around 25.6% of the population holds or has held cryptocurrency. Lira-to-crypto trading volume has grown approximately 800% since 2021, a trajectory that reflects both widespread adoption and sustained pressure on the domestic currency. The USDT/TRY trading pair on Binance cleared roughly $22 billion in 2024, making it the platform's largest pair by volume that year.

Turkey's regulatory framework is still catching up. The Capital Markets Board gained supervisory authority over crypto service providers through a 2024 law, with implementing rules taking effect in mid-2025. Tokenized money market funds like iTRY do not yet have a specific classification under that framework, creating a window for the product to establish itself before formal rules arrive.

Two additional regulatory factors are relevant to anyone assessing the product's risk profile. Turkey's central bank prohibits the use of cryptocurrency as a payment mechanism. Brix's structure as an investment instrument rather than a payment rail may insulate it from that restriction, but the boundary has not been formally tested. Separately, Turkey's central bank is running a digital lira pilot, which represents a longer-term competitive consideration for any lira-denominated token product operating in the same monetary ecosystem.

A Template for Other Markets

Brix has designed its architecture to replicate across other high-rate emerging markets. The company has recruited advisors with deep regional financial experience, including Kemal Kaya, former chief executive of Yapı Kredi Bank, and Stefano Perazzini, former chief commercial officer of UniCredit.

Sub-Saharan Africa processed $205 billion in onchain value between July 2024 and June 2025, up 52% year over year, with Nigeria alone accounting for around $22 billion in stablecoin transactions. Emerging markets with fewer entrenched legacy systems can adopt digital settlement rails more quickly than markets where incumbent financial infrastructure creates friction. Pakistan, Bangladesh, and several other South Asian markets present a comparable opportunity, combining elevated domestic interest rates with high grassroots crypto usage, though no iTRY-equivalent product currently exists in that region.

"Emerging markets also tend to 'leapfrog' infrastructure that holds back developed markets, adopting digital rails (including stablecoin settlement) faster than markets with entrenched legacy plumbing," said Jesse Knutson, head of operations at Bitfinex, speaking about emerging market adoption broadly in December 2025.

The broader tokenized real-world asset market reached approximately $24 billion in mid-2025, up from around $5 billion in 2022. J.P. Morgan Asset Management launched its own tokenized money market fund on Ethereum in December 2025, signaling that institutional appetite for the category is real.

Brix is currently operating a waitlist. Smart contracts have been audited by Zellic and through a public competition on Code4rena that ran from November 26 to December 3, 2025, reviewing 15 contracts covering 1,324 lines of code. The audit found no critical vulnerabilities, though it flagged specific risk areas including NAV-backed mint ratios and LayerZero fee edge cases that developers and integrators should review. A public launch date has not been announced.

The conditions for a successful launch are clearer than the timeline. MegaETH's token generation event remains unlocked, Turkey's regulatory window is open, and the rate cycle still favors the product's core yield proposition even as forecasters expect compression through 2026. Brix enters that window with audited contracts, institutional-grade advisors, and a growing waitlist. Whether it can convert that alignment into a live product before the conditions shift is the question the coming months will answer.