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

Former Brazil Central Bank official Tony Volpon announced BRD, a stablecoin pegged to Brazil’s currency that shares interest earned from its government bond reserves with holders.

The product enters a market where Brazil’s benchmark Selic interest rate stands at 15%, the highest level since July 2006.

Volpon’s company CF Inovação will issue BRD, targeting large financial institutions seeking access to Brazil’s high-yield government debt through a digital token structure.

The announcement came during the “Cripto na Real” program on Jan. 6. Official product documentation has not yet been released.

Volpon served as Deputy Governor for International Affairs at Brazil’s Central Bank from 2015 to 2016, where he participated in COPOM, the monetary policy committee that sets the Selic rate.

He spent more than 30 years in financial markets and held managing director positions at UBS and Nomura Securities. He founded CF Inovação with José Carneiro in 2023, initially focusing on real estate tokenization.

Competitive Landscape

The global stablecoin market has reached $299.15 billion in total capitalization, with monthly transfer volume of $6.86 trillion, according to RWA.xyz.

Brazilian real stablecoins remain a small segment, with combined on-chain circulation of approximately $20 million across all issuers.

BRD enters a developing market for real-pegged stablecoins that pay holders a share of interest earned on reserves.

This model mirrors yield-bearing security tokens that have emerged in the U.S. market. Crown’s BRLV, which launched approximately 18 months ago, already offers this model to institutional investors.

Crown has secured R$360 million (approximately $67 million) in commitments, with roughly $19 million currently in active circulation.

The company raised $13.5 million in a Series A led by Paradigm in December 2025 at a $90 million valuation, according to Crown’s announcement.

Transfero’s BRZ, which claims the largest market position among real-pegged tokens, shows only $13.6 million in on-chain circulation per RWA.xyz data.

Regulatory Framework

BRD’s announcement comes as Brazil prepares to implement new cryptocurrency regulations. The Central Bank published resolutions in November 2025 that classify stablecoin transactions as foreign-exchange operations. Stablecoin providers will face the same oversight as currency exchange businesses.

Brazil’s crypto market reached 227 billion reais ($42.8 billion) in transactions during the first half of 2025, with stablecoins accounting for roughly 90% of volume.

The new regulations take effect Feb. 2, 2026. No deployment timeline for BRD has been announced.

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