Getting Brazilian Real Exposure Through Stablecoins: Comparing BRL1, BRZ, BRLV, sBRD, BRAt and efixDI
A side-by-side look at BRL1, BRZ, BRLV, sBRD, BRAt and efixDI: issuer, backing, blockchain network, and whether each pays yield directly on the token.
Getting exposure to the Brazilian real and Brazilian interest rates on-chain today means choosing between several structurally different products: some are simple 1:1 pegged stablecoins with no yield built into the token, others are tokenized fixed-income products that pass Brazilian interest rates through directly. BRL1, BRZ, BRLV, sBRD, BRAt and efixDI cover both categories, each with a different issuer, reserve composition and network.
Comparison: issuer, backing and yield mechanism
| Token | Issuer/operator | Backing | Pays yield on the token? | Network |
|---|---|---|---|---|
| BRL1 | No single issuer named publicly; described as backed by a consortium of crypto market players | Brazilian government securities indexed to the Selic rate (LFTs), repurchase agreements, and reserves at regulated financial institutions | No — 1:1 peg to BRL, no yield stated on the official page | Polygon (native), with expansion to other networks planned |
| BRZ | Transfero (launched in 2019) | BRL reserves held with regulated partners; audited by Parsiq, with a public reserve report and whitepaper | No — 1:1 peg to BRL | Ethereum, Algorand, BNB Chain, Polygon, Avalanche, Base, Stellar and Solana |
| sBRD | BRD Digital, a Brazilian virtual asset service provider with SPSAV authorization in progress under BCB Resolutions 519, 520 and 521 | Sovereign bonds, at a 1:1 reserve ratio, independently attested monthly | Yes — official page shows a 14.00% yield on sBRD (BRL-denominated) as of the publication of this page; the figure changes over time | Not specified on the official page |
| BRLV | Crown | 100% Brazilian federal government bonds (Letras Financeiras do Tesouro/Tesouro Selic), held in a bankruptcy-remote structure with an independent collateral agent | No — the token maintains a fixed 1:1 peg with no yield attached to it directly; Crown separately runs a loyalty rewards program funded by the reserve’s own return, distinct from the token itself | Base, Ethereum and Tempo |
| efixDI | EFIX Plataforma de Tokenização e Crowdfunding Ltda, a CVM-registered closed securitizer | 1:1 by ANBIMA-certified DI (interbank deposit) fund shares held at the CVM-registered securitizer, with daily yield accrual | Yes — the platform targets roughly 15% APY unleveraged, and up to 25–35% APY when tokens are bridged to Base and used as collateral on a DeFi lending protocol for leveraged exposure | Polygon (minting), bridged to Base for DeFi use |
| BRAt | Twin | Currently backed by BRLA (itself a Brazilian real stablecoin), with the reserve architecture designed to potentially incorporate BRL1, BRZ, USDC, USDT or reais over time | No — 1:1 peg to BRL, no yield stated on the official page | Base |
| BRLA | Avenia | Brazilian government bonds and regulated custody, with monthly attestation and a published proof-of-reserves report | No — 1:1 peg to BRL, no yield stated on the official page | Native deployment across multiple chains, not itemized on the official page |
Yield figures for sBRD and efixDI are variable and tied to the Selic/CDI rate at any given time; the number shown reflects a single point in time and should always be checked against the issuer’s own page before any decision.
The structural split: pegged stablecoins vs. yield-bearing treasury tokens
BRL1, BRZ, BRLV, BRAt and BRLA all describe themselves the same way: a token worth exactly 1 BRL, with no interest or yield built into the token itself. sBRD and efixDI are a different category — tokenized exposure to Brazilian fixed-income instruments (sovereign bonds and DI fund shares, respectively) that pass through a variable yield tied to the Selic or CDI rate. Mixing up the two categories matters: a 1:1 pegged stablecoin is designed to always be redeemable at face value, while a yield-bearing treasury token’s value proposition depends on continued exposure to Brazilian interest rates, with the redemption value moving alongside that rate.
BRLV
BRLV is issued by Crown, a Brazilian financial infrastructure company. Its reserves are 100% composed of Brazilian federal government bonds, held in a bankruptcy-remote legal structure: the reserves sit segregated from Crown’s own balance sheet and are pledged to token holders through an independent collateral agent, giving holders a direct claim they can exercise if Crown becomes insolvent. Reserves are attested daily by an independent third party (Fact Finance) and published on a public transparency page; smart contracts are audited periodically by OpenZeppelin, and financial statements are audited by CLA (Clifton LarsonAllen Brasil). The token itself carries no yield; Crown instead runs a separate loyalty program funded by the return generated by the reserve, which does not change the token’s fixed 1:1 value.
efixDI and sBRD
efixDI and sBRD take the opposite design choice: instead of a flat 1:1 peg, they pass Brazilian interest-rate exposure directly through to the token. efixDI represents shares of ANBIMA-certified DI fund shares held at a CVM-registered securitizer, with daily yield accrual and, according to the issuer, the option to bridge the token to a DeFi lending protocol on Base for leveraged exposure to the CDI-USDC spread. sBRD, from BRD Digital — a virtual asset service provider with SPSAV authorization in progress — is described as backed by sovereign bonds at a 1:1 reserve ratio, with a published yield figure that moves with the underlying rate. Neither of these is a simple stablecoin in the sense that BRL1, BRZ or BRLV are: the redemption value is tied to a fixed-income instrument’s performance, not just to a peg.
How to tell these products apart before choosing one
- Peg vs. yield: check whether the official page describes the token as “1:1, no yield” or as a tokenized fixed-income product with a published rate — the two carry fundamentally different risk profiles.
- Named issuer: BRZ, BRLA, BRLV, sBRD and BRAt each name a specific issuing company; BRL1’s official materials describe a consortium without naming one entity.
- Reserve verification cadence: daily attestation (BRLV) is more frequent than monthly (BRLA, sBRD); check whether a proof-of-reserves report is actually published, not just claimed.
- Bankruptcy-remoteness: among the tokens compared here, BRLV is the only one whose official materials explicitly describe a bankruptcy-remote reserve structure with an independent collateral agent.
- Network compatibility: confirm the token runs on a network already in use, since coverage ranges from a single chain (BRAt, on Base) to eight (BRZ).
Frequently asked questions
Do any of these tokens pay interest directly? Among the seven compared here, only sBRD and efixDI pay a variable yield directly on the token, tied to Brazilian sovereign bonds or DI fund performance respectively. BRL1, BRZ, BRLV, BRAt and BRLA all maintain a fixed 1:1 peg with no yield attached to the token itself.
What is the difference between a Brazilian real stablecoin and a tokenized Brazilian treasury product? A Brazilian real stablecoin (like BRL1, BRZ or BRLV) is designed to always be worth exactly 1 real, redeemable at that fixed value. A tokenized treasury product (like sBRD or efixDI) represents a share of a fixed-income instrument, so its yield and, in leveraged versions, its risk move with the underlying Brazilian interest rate.
Which of these tokens has the most transparent reserve verification? Based on the official disclosures reviewed here, BRLV publishes daily independent attestation of reserves; sBRD and BRLA publish monthly attestation; BRZ discloses a third-party audit (Parsiq) with a public reserve report; BRL1 and BRAt publish proof-of-reserves reports without specifying the attestation frequency.
Is a bankruptcy-remote reserve structure common among Brazilian real stablecoins? Not universally. Among the tokens compared here, only BRLV’s official materials describe an explicit bankruptcy-remote structure with an independent collateral agent, meaning reserves are legally segregated from the issuer’s own balance sheet and accessible to token holders even if the issuer becomes insolvent.