Brazil is today one of the world's most relevant stablecoin markets, with more than ten BRL-denominated issuances already in circulation. This brief, current as of May 2026, maps the landscape using a single criterion — access — splitting the ecosystem into open-access tokens sold to retail on exchanges and internal-use tokens restricted to institutional flows. Combined on-chain supply across all mapped BRL stablecoins tops USD 140 million.
Six stablecoins at the retail edge
Six BRL stablecoins are available for retail buy/sell on exchanges with self-custody in user wallets: BRZ, BRLA, cREAL, BRL1, BRLM and VRL. In May 2026 they reach roughly USD 44 million in combined on-chain supply, with Polygon, Celo and XRP Ledger concentrating most of the issuance. BRLA leads with USD 16.4M, followed by BRZ (USD 15.1M) and BRL1 (USD 1.5M), while cREAL, BRLM and VRL are still in ramp-up. BRZ, the world's first BRL stablecoin, is live on 10+ blockchains, while BRLA differentiates on 99.94% Selic-linked Treasuries, cash and repos.
The institutional rails of tokenization
Alongside open-access tokens sits a group focused on operational improvement inside institutional and corporate flows, running on blockchain in permissioned environments: BRD, BRS, BRLV, BRLD, BRLN, ABRL and BBRL. BRLV is the largest of the group at USD 45M supply, backed by a USD 13.5M Series A led by Paradigm, while ABRL holds USD 1.9M in supply, 100% in LFTs, migrating from XRPL to Polygon in 2026. These are strong vectors for private-credit and RWA tokenization because they provide the on-chain settlement layer everything else depends on. Also worth tracking is the ANBIMA tokenization pilot, with 20 selected consortia — including Itau, Bradesco, BTG, B3, Santander, MB, Liqi, AmFi and Nuclea — testing debentures and funds on a permissioned DLT through September 2026.
Key findings
- More than ten BRL stablecoin issuances are in circulation, with combined on-chain supply above USD 140 million as of May 2026.
- Six open-access tokens — BRZ, BRLA, cREAL, BRL1, BRLM and VRL — reach roughly USD 44 million in combined on-chain supply.
- BRLA leads open-access supply at USD 16.4M, followed by BRZ at USD 15.1M and BRL1 at USD 1.5M.
- Internal-use token BRLV is the largest of its group at USD 45M supply, backed by a USD 13.5M Series A led by Paradigm.
- The ANBIMA tokenization pilot brings 20 consortia to test debentures and funds on a permissioned DLT through September 2026, with a dedicated stablecoin expected to emerge.