Former central banker Tony Volpon has introduced BRD, a real-pegged stablecoin designed to share Brazilian government bond yields with holders.
Key Takeaways
- BRD is a new stablecoin backed by Brazilian National Treasury bonds, offering holders a share of the 15 percent interest rate.
- Launched by former Brazil Central Bank Deputy Governor Tony Volpon, BRD aims to give institutional investors easier access to Brazil’s high-yield government debt.
- Brazil’s new stablecoin regulations, effective February 2, 2026, classify these tokens as foreign-exchange instruments.
- BRD competes in a growing real-pegged stablecoin space, currently dominated by Transfero’s BRZ and Crown’s BRLV.
What Happened?
Tony Volpon, a former Deputy Governor of Brazil’s Central Bank, has launched a new real-pegged stablecoin called BRD. The token stands out by offering holders a portion of the yield generated from the Brazilian government bonds that back it. Volpon made the announcement on January 6 during CNN Brasil’s “Cripto na Real” program, revealing that BRD is designed to tap into the country’s 15 percent Selic interest rate.
Volpon’s company, CF Inovação, will issue BRD and target institutional investors looking for digital exposure to Brazil’s high-yield debt environment.
REPORT: @TonyVolpon – ex-Brazil central bank chief, launches BRD stablecoin backed by government bonds, offering 15% yield to foreign investors and potentially expanding demand for Brazilian debt while attracting institutions seeking high returns. pic.twitter.com/FXR0yvEPRH
— Max Avery (@realMaxAvery) January 7, 2026
A Former Central Banker Enters the Crypto Arena
Tony Volpon is no newcomer to Brazil’s monetary landscape. As Deputy Governor for International Affairs from 2015 to 2016, he was part of the COPOM committee that set interest rates. With over 30 years of experience in global finance at institutions like UBS and Nomura, he co-founded CF Inovação with José Carneiro in 2023, initially focusing on real estate tokenization. BRD represents the firm’s first foray into the stablecoin market.
The stablecoin is designed to reflect Brazil’s sovereign bond yields, providing token holders exposure to returns from National Treasury bonds. With Brazil’s Selic rate at 15 percent, BRD could become a major draw for yield-seeking institutions, especially those abroad.
“The ability to remunerate stablecoin holders with the interest rates offered by Brazil will obviously be a major draw,” Volpon said during the product launch, pointing to both the appeal and regulatory hurdles traditionally limiting foreign participation in Brazil’s bond market.
Market Position and Competition
BRD joins a small but growing category of Brazilian real-pegged stablecoins that share yield from underlying reserves. This yield-sharing model is already present in the U.S. security token space and is being adopted in Brazil by companies like Crown.
Crown’s BRLV token, launched 18 months ago, has R$360 million (about $67 million) in committed funds and around $19 million in circulation. In December 2025, Crown raised $13.5 million in a Series A funding round led by Paradigm, valuing the firm at $90 million.
Meanwhile, Transfero’s BRZ remains the most recognized real-pegged stablecoin in Brazil, with $13.6 million in on-chain circulation. Other players include BBRL ($51 million market cap), BRL1 (backed by Mercado Bitcoin and Bitso), and cREAL, a token native to the Celo blockchain.
Despite strong incumbents, BRD is the first stablecoin in Brazil’s market to be explicitly structured to pay out interest earned from its government bond reserves. This could become a defining feature in a competitive landscape where most tokens do not offer holders any yield.
Regulatory Backdrop: A Timely Launch
BRD’s debut coincides with a significant regulatory shift in Brazil. The country’s Central Bank announced in November 2025 that stablecoin transactions will be classified as foreign-exchange operations. This means stablecoin issuers will now fall under the same compliance regime as currency exchange businesses.
These new rules go into effect on February 2, 2026, adding urgency for companies like CF Inovação to ensure alignment with regulatory expectations. Brazil’s crypto market saw 227 billion reais ($42.8 billion) in transactions during the first half of 2025, with stablecoins accounting for nearly 90 percent of all crypto volume.
CoinLaw’s Takeaway
In my experience, a stablecoin like BRD is exactly the kind of innovation that can unlock Brazil’s high-yield bond market for global investors. For years, international players have been intrigued by Brazil’s double-digit interest rates but were blocked by layers of bureaucracy and currency friction. BRD could streamline that access while turning stablecoins from passive digital dollars into income-generating assets. I found it particularly interesting that BRD is being launched ahead of the new regulatory framework, showing Volpon’s intent to stay ahead of the curve. If executed well, BRD could shake up both local and global stablecoin dynamics.
