Methodology

This study combines quantitative on-chain analysis with qualitative insights gathered through interviews with leading experts in the Latin American stablecoin ecosystem. The quantitative component focuses on activity related to BRL, MXN, and COP denominated stablecoins, with data sourced from Dune Analytics. For transparency, the developer profile containing all underlying queries is available to readers who want to explore the data in detail

Stablecoins and Issuers Analyzed

  • BRL: Transfero (BRZ), Avenia (BRLA), BRL1 Consortium (BRL1), Braza Bank (BBRL), and Mentolabs (cREAL)
  • COP: Minteo (COPM) and Mentolabs (cCOP)
  • MXN: MXNB (MXNB), Etherfuse (MXNe), and Tether (MXNt)

Smaller issuers were excluded due to limited market activity but may be included in future editions as liquidity and adoption grow.

Blockchains and Protocols

The analysis spans the following networks: Polygon, Gnosis, Celo, Ethereum, Base, BNB, Avalanche, XRP Ledger and World Chain.

Exchange data reflects decentralized exchange (DEX) activity only. Centralized exchanges fall outside this report’s scope.

Closed-loop stablecoins, which function solely within a proprietary ecosystem, are excluded.

Supply Calculation Assumptions

Most stablecoins studied follow a standard mint-and-burn model. BRZ is the exception. Instead of burning tokens, Transfero manages supply through a treasury wallet that holds non-circulating tokens. For BRZ, circulating supply is calculated as: Total Supply − Treasury Wallet Balance

This wallet is publicly disclosed by Transfero. Additionally, because BRZ is migrating to a new contract, only BRZ v2 contracts were included in our dataset.

Key Definitions

To maintain consistency, the report uses the following terms:

  • Holder: Any wallet or smart contract with a non-zero balance of a local stablecoin. The report includes filters to distinguish between wallets and contracts.
  • Supply: Total tokens in circulation at a given moment.
  • Net Mint: Tokens minted minus tokens burned within a specific period. (BRZ is excluded since its tokens are pre-minted)
  • Transfer Volume: The total value (in USD) moved between addresses over a given period.
  • Total Value Locked (TVL): The combined USD value of assets deposited in a liquidity pool.
  • Pool: A smart contract, typically on a DEX, that enables token swaps based on the liquidity deposited.