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Executive Summary
This report explores the evolving landscape of BRL-denominated stablecoins and their potential to reshape Brazil’s financial infrastructure. While USD-backed stablecoins currently dominate global crypto usage, BRL stablecoins present unique local advantages — enabling faster, lower-cost payments, localized on-chain activity, and smoother integration with domestic systems like PIX.
Produced by Iporanga Ventures, this research outlines the key use cases, technical frameworks, adoption barriers, and regulatory considerations shaping the trajectory of BRL stablecoins. It aims to provide context on why local stablecoins matter, how they compare to global counterparts, and where the most relevant opportunities for innovation lie.
Stablecoins are the leading use case in blockchain today - especially USD-pegged ones like USDC and USDT, which together exceed $250 billion in market cap. Their success is clear: they offer easy, onchain access to dollars for holding, transferring, and transacting.
But local stablecoins, such as those pegged to the Brazilian Real, also play a key role. While they don’t match the scale of USD stablecoins, they unlock important use cases:
- Payments and FX – Fast, low-cost transfers, especially cross-border. Swapping BRL to USD onchain is quick and efficient.
- Localized operations – Platforms operating in Brazil can accept or manage funds directly in BRL.
- DeFi access and on/off ramps – Local stablecoins lower the barrier to entry for new users, simplify exits and can subsidize ramping costs.
- Settlements – Protocols and exchanges benefit from local-currency settlement rails.
In a country like Brazil—with a modern financial system and tools like PIX—stablecoins can accelerate Web3 adoption.
This report explores the current state of BRL stablecoins, their use cases, challenges, and market outlook.
Rodrigo Trindade
Lead Author & Analyst
Marina Simon
Supporting Analyst & Contributor