Ex-Brazil Central Bank Official Tony Volpon Unveils Yield-Sharing Stablecoin

Former Brazil Central Bank official Tony Volpon announced the launch of BRD, a stablecoin pegged to Brazil’s currency, which will share interest earned from its government bond reserves with holders. This initiative targets large financial institutions seeking access to Brazil’s high-yield government debt.

The Selic interest rate in Brazil is currently at 15%, the highest since July 2006.
Volpon's company, CF Inovação, will issue BRD. The product was announced on Jan. 6 during the “Cripto na Real” program.
Volpon has extensive experience, including roles at UBS and Nomura Securities, and he co-founded CF Inovação in 2023.

Competitive Landscape

The global stablecoin market has a total capitalization of $299.15 billion, with a monthly transfer volume of $6.86 trillion.
The Brazilian real stablecoin segment is small, with approximately $20 million in on-chain circulation across all issuers.
BRD aims to capture a developing market for real-pegged stablecoins that share interest earnings with holders.
Crown’s BRLV, a similar model, has secured R$360 million (approximately $67 million) in commitments.

Regulatory Framework

Brazil is preparing new cryptocurrency regulations, classifying stablecoin transactions as foreign-exchange operations.
Stablecoin providers will face oversight similar to currency exchange businesses.
Brazil’s crypto market saw 227 billion reais ($42.8 billion) in transactions in the first half of 2025, with stablecoins accounting for 90% of the volume.
The regulations take effect on Feb. 2, 2026, but no deployment timeline for BRD has been announced.