Everything aboutBRL stablecoins.

It's a token on a blockchain designed to be worth R$1, one Brazilian real. Most are issued by a company that says it holds reserves in reais, such as government bonds and bank deposits, and swaps tokens for reais with anyone who has access to redemption. Brazil's central bank (BCB) defines a stablecoin as a virtual asset referenced to a fiat currency (BCB Resolution 520). A few coins that track the real are backed by other assets instead, such as dollars, euros and crypto, and Lastro shows them apart from the rest.

To mint, a client sends reais to the issuer, usually via Pix (Brazil's instant payment system) or a bank wire, and gets tokens 1:1, minus any fees. To redeem, it runs in reverse: the tokens are burned and the reais go to the client's bank account. Timelines vary by issuer, from instant payouts with a daily limit to 2 or 3 business days, or typically the next business day. That's why supply rises and falls with demand.

Only people and companies that pass the issuer's checks: KYC for individuals, KYB for businesses. Some coins are institutional only, like BRLV, which can only be sent to wallets Crown has approved, and Liqi's BRLD. Others go through partners, such as BRZ's Tellers or the approved partners of Nora, the issuer of BRS. Avenia, for its part, lets KYC-verified users mint and redeem BRLA via Pix. Anyone without direct access buys and sells on the market, at an exchange or a DEX.

In your own wallet (self-custody), the token sits at an address only you control, and keeping the keys safe is on you. At an exchange, the exchange holds the tokens and you have a balance on its platform. Under Central Bank of Brazil rules, exchanges that have applied for authorization send monthly proofs of client reserves to the regulator, not to the public. And not every coin moves freely: BRLV, for example, can only go to wallets Crown has approved.

They move reais around on blockchains: paying, settling transactions and trading other assets without leaving the network. Some issuers focus on settling tokenized transactions and corporate treasury, like Liqi with BRLD. In DeFi, the real leads: it made up 82.6% of DEX volume among Latin American currency stablecoins in September 2026, according to Teiten Research. Central Bank of Brazil rules also cover stablecoins in the foreign exchange market (BCB Resolution 521).

On more than twenty networks. Polygon, Ethereum and Base host the most coins, and there are also contracts on Celo, BNB Chain, Solana, Gnosis, Moonbeam, Stellar, the XRP Ledger, XDC, Tempo and others. Some coins live on a single chain, like BRLD on XDC, BRLm on Celo and BRL1 on Polygon; others, like BRZ and wBRL, have contracts on ten chains or more. Each coin's profile in the Index lists its official contracts and the supply on each chain.

Not necessarily. There are two tBRL tokens from different issuers: Tenbin's on Ethereum and Tokeniza's on Moonbeam. Lastro has also set aside more than a hundred imitations, tests and spam tokens, including more than 20 third-party “wBRL” tokens on BNB Chain and a “BRLA” that is another project's governance token. Before you receive or buy one, check the contract address on the issuer's official page.

It depends on the issuer. Going by each one's latest published data, Crown (BRLV), Nora (BRS) and Liqi (BRLD) hold almost everything in Brazilian federal government bonds, and BRD Digital holds LFTs (Tesouro Selic). Avenia (BRLA) and BRL1 keep most of their reserves in repos, with the rest in cash, or in LFTs and cash. For wBRL and BRLe, the latest document shows a bank account balance. The Reserves page shows each issuer's mix and report date.

An LFT (Letra Financeira do Tesouro) is a Brazilian federal government bond, sold to individuals through the Tesouro Direto program as Tesouro Selic, that pays the Selic policy rate. A repo (compromissada) is a deal in which the issuer buys a security from a financial institution, which commits to buying it back at a set date and price. A repo's risk depends on that institution and on the security behind it, which can be a government bond or a private one, such as a debenture. That's why Lastro records what backs the repos whenever the report says.

In an attestation with reasonable assurance (under NBC TO 3000 or ISAE 3000), an independent firm examines the reserves as of a date and issues an opinion; limited assurance involves less work and a weaker conclusion. A technical proof of reserves, like Fact Finance's, checks balances and is signed by an accountant, but follows no assurance standard. An audit, strictly speaking, covers the company's full financial statements, not just the reserves. Custody statements and bank balance confirmations are one-day snapshots, not attestations. In the index, the Attestation item is full only with reasonable assurance, every month, with public PDFs.

At banks, brokerages and custodians named by the issuers, such as Banco Genial, XP, Itaú, BTG Pactual and Stark Bank, or in onchain wallets, in Mento's case. Segregation means the reserves are kept apart from the issuer's own assets, in the holders' name or for their benefit. Crown offers a documented example: the reserves are held by a guarantor and pledged in trust for the benefit of holders, with a collateral agent. In the index, the Custodians item is full only when the institution is named and the segregation is documented.

Open the issuer's transparency page and look for four things: the report date, who signed it, what kind of work was done (assurance, technical proof or a statement) and which supply figure the report used. Compare that supply with what existed onchain on the same date, and check whether the custodian is named. Every Lastro profile links the documents it used, so you can redo the math item by item.

Coverage is reserves divided by supply: above 100% means more reserves than tokens, below means fewer. Lastro always uses coverage as of the report date, with reserves and supply from the same day. If the report is more than 45 days old, or supply has moved more than 10% since, the figure becomes an old reference. Dividing old reserves by today's supply would give a percentage that doesn't exist.

Generally, no. A stablecoin is built to hold a value of R$1, and most don't advertise any yield to holders. Their reserves, though, sit largely in government bonds and repos, which do earn interest. When the token doesn't pass that yield on, it stays with the issuer or builds up in the reserve itself. There are exceptions: BRD passes through the interest from the bonds backing it, and some issuers offer separate yield-bearing versions.

Lastro has mapped five: Crown's BRLY on Base; stBRL, Tenbin's staked tBRL, on Ethereum; sBRD, BRD Digital's yield vault, on Ethereum and Base; stBRZ, Transfero's staked BRZ, on Polygon; and TESOURO, a Brazilian Treasury bond tokenized by Etherfuse, on Solana, Stellar, Polygon and Base. BRD itself also earns yield: on Solana it accrues in the token for verified holders, and on Ethereum and Base it comes through sBRD. The terms for each one are in the issuer's documents.

To avoid counting the same money twice. BRLY is the yield-bearing version that backs BRLV, and stBRL is staked tBRL, so adding both sides would double the amount. A tally published in March 2026 reached R$530 million precisely by adding BRLV and BRLY together. TESOURO, from Etherfuse, is a tokenized bond that earns interest and isn't fixed at R$1.

In who issues them, for whom, where, and with what backing. Issuers include venture-backed companies (Crown, whose investors include Paradigm, and Avenia, backed by Quona and Big Bets), a consortium of Mercado Bitcoin, Bitso, Foxbit and Cainvest (BRL1), a group that owns a foreign exchange bank (Braza), a tokenization platform with Itaú among its shareholders (Liqi) and an onchain protocol (Mento). Some serve only approved institutions, others any KYC-verified user, and each picks its own chains. Each coin's profile in the Index shows issuer, chains, reserves and redemption side by side.

Most coins hold reserves in reais, such as government bonds, repos and deposits. Tenbin's tBRL tracks the real synthetically: under its Terms of Use, it's a debt note that pays the dollar value of R$1, collateralized by dollar stablecoins with a currency hedge in BRL futures. Mento's BRLm draws on a crypto reserve shared with the protocol's other coins, made up of dollar and euro stablecoins plus volatile crypto, and redemption is an onchain swap, not a payout in reais. Neither holds BRL-denominated reserve assets; in the Index table they appear below the “Backed by other assets” divider, unranked, for comparison.

No. Under the published terms, BRLA is redeemed via Pix within 2 business days; BRLV either instantly with a daily limit or within 3 business days; BRD typically by the next business day. Tenbin's tBRL settles in dollar stablecoins, for eligible investors only, and BRLm is swapped onchain against its reserve, with no redemption in reais. The wBRL whitepaper says holders have no right of redemption against the issuer. Most issuers don't publish fees or minimums.

Small. In the stablecoin volume reported to Brazil's tax authority (Receita Federal) from August 2019 to December 2025, USDT accounted for 88.7%, USDC for 7.1% and BRZ for 3.4%, the only BRL stablecoin named in the release. In 2025, about 80% of all crypto volume reported in Brazil was in stablecoins. To compare the real's current size with other currencies, see the Market page.

Partly. Under Law 14.478/2022, the Central Bank of Brazil (BCB) issued Resolutions 519, 520 and 521, which took effect in 2026 and regulate virtual asset service providers (VASPs, known in Brazil as PSAVs). Resolution 520 defines stablecoins and bars these providers from offering algorithmic ones. Firms that were already operating have until October 30, 2026 to apply for authorization and keep running under a transition regime in the meantime; some issuers say they're in that process. Issuing a stablecoin, as such, still has no dedicated rule.

Not today. No rule requires BRL stablecoin issuers to publish their reserves on a regular, audited basis. BCB Resolution 520 says a provider that lists a stablecoin must disclose the reserve details reported by the issuer, but it sets no frequency or audit standard. Bill PL 4.308/2024 would create that obligation, but it's still making its way through the Chamber of Deputies. That's why disclosure varies so much from issuer to issuer, and it's what Lastro's index measures.

Yes, but not to the public. Since BCB Normative Instruction 713 of February 27, 2026, providers that have applied for authorization send the central bank monthly proofs of reserves. Those cover the providers' client assets, not the reserves of stablecoin issuers. For the public, BCB Resolution 520 calls for an independent audit report every two years on how those client assets are segregated.

Yes, two. Since October 1, 2026, BCB Resolution 561 bars eFX providers (international payment or transfer services) from using virtual assets such as stablecoins to settle with their counterparty abroad. And BCB Resolution 584, published on August 7, 2026, provides for holds of up to 24 hours, starting in 2027, on transfers above $10,000 going abroad or to self-custody wallets.

It's the stablecoin bill in Brazil's Chamber of Deputies. The substitute text approved by the Science, Technology and Innovation Committee (CCTI) would require full backing in currency or government bonds and segregated, audited reserves with public disclosure, and would ban algorithmic stablecoins. The bill now sits with the Economic Development Committee (CDE), awaiting the rapporteur's report, and is not law.

According to a March 24, 2026 news report, IOF (Brazil's financial transactions tax) on stablecoins was put off until 2027 or later. There's no official act on that deferral, only the reporting. If a rule is published, it will show up on Lastro's Radar.

Yes. The token is designed to be worth R$1, but its price at an exchange or DEX depends on supply and demand and can drift away from that. The peg holds when there are enough reserves and when those with access to redemption can actually swap tokens for reais; if either fails, the price can drop. Terms of use may promise only “best efforts” to keep it 1:1, not a guarantee.

Not necessarily. Direct redemption requires an account approved by the issuer, and for some coins only institutions can redeem. The wBRL whitepaper says holders have no right of redemption against the issuer, and BRLm is swapped onchain against its reserve, with no redemption in reais. If you bought on the market and have no account with the issuer, you depend on selling to someone else.

Reserves depend on the institutions holding them, and concentrating everything in one raises exposure to it. Repos add the risk of the institution that agreed to buy the security back, and of the security behind it. Documented segregation, keeping reserves apart from the issuer's own assets, is meant to protect holders if the issuer runs into trouble. In each profile, check who holds the reserves and in what proportion, when the issuer discloses it.

For many coins, yes. Most contracts in the index give the issuer functions such as minting and burning, pausing transfers, blocking addresses and, in upgradeable contracts, replacing the code. On Stellar and the XRP Ledger, an issuer can have features like clawback (taking tokens back) and freezing balances. The key question is who controls those functions: a single wallet is a single point of failure, while a multisig requires several signatures. The Contract powers item is full only when the functions are documented and controlled by a multisig.

A bug could allow improper minting, freeze transfers or expose funds, even with the reserves intact. Security audits by specialized firms reduce that risk but don't eliminate it, and bug bounty programs pay people who find flaws. Coins on several chains also depend on bridges, which have their own contracts. In the index, the Contract audit item is full only with an audit published by a named firm plus a bug bounty.

Yes. The rules are still taking shape: bill PL 4.308/2024 could require full backing and audited, public reserves, and some issuers are still waiting for central bank authorization. Recent rules, such as BCB Resolution 561, have already changed what can be done with stablecoins in international payments. A change could affect who can issue, how reserves are held and where a coin can be used. Lastro's Radar logs each change with its source.

A public, independent transparency index of BRL stablecoins. It reads supply straight from each coin's contracts, gathers reserves and attestations from issuers' reports, and rates what each one publishes across ten items. Coins with a public contract are included; those without one, yield-bearing versions, inactive or defunct tokens and imitations are left out, each with its reason on the Method page.

@joaopkury, independently, with no holdings, investment, consulting work or pay from any issuer. The data comes from public sources, cited in every profile, so anyone can check it.

There are 10 items, each with a weight, and the weights add up to 10 points. Independent attestation is worth up to 2 points; reserve composition, up to 1.5; contract audit, up to 0.5. Full earns the whole weight, partial earns half and not found earns zero. The score measures what is published, not the quality of the backing.

No. It means Lastro couldn't find the information in a public source. If the issuer publishes it or sends the evidence, the item is reviewed.

The figure changes every hour; the current total is on the Index and Market pages. Lastro adds up the supply read from each coin's contracts and also shows the circulating amount, which leaves out balances sitting in the issuers' own wallets, whether declared by them or identified by Lastro. Other public counts land on different numbers because they cover fewer coins or chains: as of October 2026, DefiLlama tracked 4 BRL coins, and Teiten Research didn't cover Solana or XDC.

Supply and prices update every hour. Lastro's own history has saved one snapshot a day since October 6, 2026; before that, the series come from DefiLlama and Fact Finance. Issuer reports and profiles are reviewed by hand: when a new report comes out, the profile changes.

Send the correction or the evidence by direct message to @joaopkury on X. Every profile cites its sources, so you can check item by item. Issuers can use the same channel to send new documents.

No. Lastro is not investment advice, and it doesn't say which stablecoin is safest or whether to buy, sell or hold any of them. It measures what each issuer publishes: a high score means more information for you to judge, not less risk. To decide, open the profile and look at reserves, custody and what's missing.