This study on BRL stablecoins combines insights derived from both quantitative data and interviews with prominent market experts in Brazil. The analysis is based primarily on on-chain activity related to BRL stablecoins, with data collected using the Dune Analytics platform. For readers interested in the specific queries used, the developer’s profile is available here.
We examined the four largest BRL stablecoin issuers: Transfero (BRZ), Avenia (BRLA), the BRL1 Consortium (BRL1), and Mentolabs (cREAL). While other issuers exist, their limited market presence led to their exclusion from this edition of the report. Future versions may incorporate data from these smaller players.
The blockchains analyzed in this study include Polygon, Gnosis, Celo, Ethereum, Base, BNB, and Avalanche. All data was sourced from decentralized exchange (DEX) activity. Centralized platforms were not considered for the scope of this report. Similarly, closed ecosystem stablecoins — such as BRLC from CloudWalk, which is used exclusively within that company’s ecosystem — were not included. Our DEX analysis focused on Uniswap, Balancer, and PancakeSwap, with plans to expand coverage in our live dashboard.
To ensure consistency, a few methodological assumptions were made regarding supply calculations. All stablecoins analyzed — except BRZ — follow the standard mint-and-burn model to regulate circulation. BRZ, on the other hand, utilizes a treasury wallet that holds its non-circulating supply. Thus, the circulating supply of BRZ at any given time is calculated by subtracting the balance of this treasury wallet — voluntarily disclosed by Transfero — from the total supply. Additionally, since BRZ is undergoing a smart contract upgrade, only BRZ v2 contracts were considered in this analysis.
Also, for clarity, the following definitions are used throughout the report:
- Holder: Any address (wallet or smart contract) with a balance greater than zero in any of the stablecoins analyzed. Filtering options for wallets and contracts are available via tooltips in the report.
- Supply: The total number of tokens in circulation at a given moment.
- Net Mint: The difference between the number of tokens minted (created) and burned (destroyed) during a specified period. Note that BRZ tokens are pre-minted and held in a treasury; therefore, BRZ mint and burn data is excluded from this metric.
- Transfer Volume: The total amount (in USD) transferred between addresses over a given period.
- Total Value Locked (TVL): The combined value, in USD, of both assets in a liquidity pool.
- Pool: A smart contract—typically hosted by a DEX—that facilitates token swaps based on the proportional liquidity of the assets held within it.