# Backing

iTRY is fully backed by the Digital Liquidity Fund's DLF token, which represents shares of a regulated basket of Turkish money-market funds. iTRY is designed to remain 100% collateralized at all times. Reserves are independently verifiable through [Proof of reserves](/itry/proof-of-reserves.md).

{% hint style="info" %}
Backing protects collateralization, but does not guarantee consistent yield. Underlying money-market yields can fluctuate. See [Risks](/itry/risks.md).
{% endhint %}

<figure><img src="/files/9xTuhbDZJBIXblqMFOCi" alt="Diagram showing iTRY backed by DLF, which represents participation shares in the digital liquidity fund."><figcaption><p>Backing flow: iTRY is backed by a tokenized basket of Turkish money market funds.</p></figcaption></figure>

## Custody

iTRY uses a hybrid custody model that combines onchain smart contracts, institutional-grade digital asset custody, and regulated banking partners for underlying money-market fund assets.

The primary onchain custodian for iTRY is [Zodia Custody](https://zodia-custody.com/), which safeguards the majority of iTRY's collateral reserves. Zodia is a regulated, institutional-grade digital asset custodian operating under established UK and EU regulatory frameworks and providing custody services to major banks, asset managers, and stablecoin issuers.

A limited portion of onchain reserves are held in the Fast Access Vault smart contract which facilitates instant redemptions. For additional details on the Fast Access Vault and custody, see [Collateral Management](/technical/collateral-management.md).

iTRY provides daily reserve transparency through a layered disclosure framework. The Digital Liquidity Fund publishes an official NAV each business day via a licensed fund administrator, reflecting the marked-to-market value of all reserve assets. In parallel, iTRY works with Accountable to deliver daily proof-of-reserves reporting, verifying that the circulating iTRY supply is fully backed 1:1 by custodied DLF.

In addition, the Digital Liquidity Fund is subject to annual independent audits covering asset existence, valuation, segregation, and internal controls.


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