Real stablecoins: what BRZ, BRLA and cREAL are, who issues them and how they differ from Drex
The market for digital currencies pegged to the real is small next to dollar stablecoins, but it already circulates on public blockchains. See who issues them, what backs their value and why this is not Drex.
Historical reference: May 6, 2025. Published on this site on November 2, 2026. Dates in the text identify the period covered.
In this article
Key points
- Real stablecoins are tokens issued by private companies that promise to be worth R$1.00, with reserves in reais (BRZ, BRLA) or backing in crypto assets (cREAL).
- Each issuer has its own backing, networks and degree of transparency. There is no specific Central Bank of Brazil rule for them as of this writing.
- Drex is something else: a Central Bank project, still in pilot, with no launch date. Real stablecoins already circulate.
- To pay a supplier abroad, the market still uses dollar stablecoins, such as USDT, which have far greater liquidity.
Anyone who talks about stablecoins almost always thinks of the dollar. But there is a smaller group of digital currencies built for the real: tokens that, in theory, are worth R$1.00 and circulate on public blockchains. They serve those who want to move reais in digital wallets, use decentralized finance protocols without leaving the local currency, or pay on other networks without going through the dollar. They should not be confused with Drex, the Central Bank of Brazil's digital infrastructure project, which is still in testing.
What a real stablecoin is
A stablecoin is a token that seeks to hold a stable value relative to a currency. In the case of USDT, the reference is the US dollar (understand how USDT works). A real stablecoin follows the same logic with a different anchor: each token corresponds to one real. What sustains that parity is the issuer, a private company, and not the Central Bank. That is why the central question is always the same: what is behind the token, and who proves it?
The main real stablecoins and their issuers
Besides these, there are other, smaller issuances and experiments by payment companies. The list changes often, and it is worth checking each issuer's website before any use. Public data on circulating supply diverge considerably between aggregators, because each covers different networks and methods. The difference in scale, however, is clear: USDT alone totaled US$136.6 billion in issued tokens at the end of 2024, according to the attestation released by Tether, and real stablecoins are far below that.
How the value is sustained
| Aspect | BRZ | BRLA | cREAL |
|---|---|---|---|
| Issuer | Transfero | BRLA Digital | Mento protocol, on Celo |
| Stated mechanism | Reserves in reais, 1:1 | Reserves in reais, 1:1 | Collateral in crypto assets |
| Redemption in reais | Through the issuer's partners | According to the issuer's terms | No redemption in reais |
| Main networks | Ethereum, Polygon, Solana, Stellar and others | Polygon and other Ethereum-compatible networks | Celo |
| Where to check | Transfero's website and reports | The issuer's website and terms | Mento reserve dashboard |
The guarantee of a private stablecoin depends on the issuer and on reserve reports it publishes itself. Before using any of them in significant volume, look for the date of the latest report, who signed it and how redemption in reais works. Stablecoins are not covered by the FGC (Brazil's deposit guarantee fund) and can lose their peg.
What they are used for today
- Moving reais between wallets and exchanges on blockchain networks, with fast settlement outside banking hours.
- Operating in decentralized finance with exposure to the real, without converting to dollars.
- Receiving and paying on platforms that accept the token, such as brokerages and payment services that list it.
- Serving as the Brazilian leg of foreign exchange operations, in the swap between the real and a dollar stablecoin.
For importers who need to pay a supplier abroad, the relevant asset remains the dollar stablecoin. The supplier wants to receive dollars, and USDT's liquidity, especially on the TRON network, is an order of magnitude larger. The debate over the weight of these currencies in the country's crypto flows is in stablecoins dominate crypto flows in Brazil.
How it differs from Drex
| Criterion | Real stablecoin | Drex |
|---|---|---|
| Who creates it | Private company | Central Bank of Brazil, with institutions participating in the pilot |
| Status | In circulation | In pilot; the BCB announced on 02/26/2025 that phase 2 selected 50 projects |
| Network | Public blockchains | The project's own platform, with restricted access |
| Audience | Anyone with a compatible wallet | Financial institutions, in testing |
| Nature | Private token; value depends on the issuer's reserves | BCB infrastructure for financial services with tokenized assets; according to the BCB's president, not essentially a central bank digital currency |
On February 26, 2025, the Central Bank reported that the Drex pilot proved challenging from a technological standpoint, especially on privacy, and selected 50 of the 101 projects received for the second phase. It also said it will only move forward with solutions that ensure privacy, data protection and transaction security. There is no date for a public launch. Real stablecoins, by contrast, are already available, though without their own regulation.
What regulation is missing
The 2022 legal framework covers virtual asset service providers, and the Central Bank is still preparing the rules that will detail it. As of this writing, there is no specific rule on who may issue real stablecoins or on the reserves they must keep. For users, that means assessing issuer by issuer.
Frequently asked questions
What is BRZ?
BRZ is a stablecoin pegged to the real, issued by Transfero since 2019. The issuer says each token has a reserve of 1 real and that redemption is handled by regulated partners. It is available on several blockchain networks.
Is a real stablecoin the same as Drex?
No. Real stablecoins are issued by private companies and circulate on public blockchains. Drex is a Central Bank project, still in pilot, with access restricted to participating institutions and no public launch date.
Does a real stablecoin have a government or FGC guarantee?
No. The value depends on the issuer's reserves and its ability to redeem the token. The FGC (Brazil's deposit guarantee fund) does not cover virtual assets, and the peg to the real can break.
Can I pay a supplier abroad with BRZ or BRLA?
In general, the supplier wants to receive dollars or a dollar stablecoin. A real stablecoin would have to be converted first, and liquidity is far lower than USDT's. That is why international payment usually goes through dollar stablecoins.
Found it useful? Share it with anyone who pays suppliers abroad.
Sources
- BRZ Stablecoin · Transfero, May 6, 2025
- BRLA · BRLA Digital, May 6, 2025
- Celo Launches the cREAL Stablecoin · Celo
- Brazil's Galipolo sees surge in crypto use, says 90% of flow tied to stablecoins · Reuters (via The Star), Feb 7, 2025
- BC cita desafios tecnológicos em testes do Drex e seleciona 50 projetos para 2ª fase · InfoMoney, Feb 26, 2025
For information only, not investment advice. Third-party brands mentioned belong to their owners; the mention is journalistic and does not indicate a partnership or relationship with Swapo Finance.
International payments with the speed of Pix and Central Bank rules.
Convert reais into USDT and send it to your supplier on the TRON network. One fee shown upfront, asset segregation policy, human support. Virtual assets have no FGC coverage; authorization application filed with the BCB.
