BRL / yield-bearing stablecoin

Yield Bearing BRL

BRLY · issued by Crown (brl.xyz). verified

not published

published yield

n/d

size

allowlist only

can you hold it

The terms

Issuer: Crown (brl.xyz)
Jurisdiction: Brazil-focused issuer; exact issuing entity domicile not stated in the documents I read. Backed by a bankruptcy-remote structure holding Brazilian sovereign debt (LFTs, Tesouro Selic ETFs).
Chains: Base
Contracts: Base 0x57323Db6d883811C17877d075e05AD9E2ED41519 explorer
Yield basis: Rebasing ERC-20: total supply adjusts upward daily on Brazilian business days in line with a 'Threshold rate', defined in Crown's whitepaper as 'a predefined fraction of the CDI rate'. The actual fraction and the resulting percentage are NOT disclosed in the whitepaper. Yield source is Brazilian sovereign debt (LFTs / Tesouro Selic ETFs). source
Size: Not disclosed on any source we could read. source
Minimum: Not stated in the whitepaper.
Who may hold it: Institutional. Whitepaper states customers do not interact with BRLY directly, it is described as 'base-layer infrastructure'. Onboarding is via mandatory institutional KYC/KYB. Basescan shows only 2 holders and 5 transfers, consistent with backend-only use. source
Redemption: Not redeemed directly by end users; BRLY is unwrapped/burned as part of the BRLV redemption path (transfer → unwrap → burn → asset liquidation → BRL bank transfer, settling within one business day). source
Cost to enter: Not disclosed. Yield retained above the Threshold rate is effectively the issuer's spread.
Transferability: Permissioned. Transfers only between allowlisted wallets.
Secondary liquidity: No DEX pools found for BRLY. Basescan reports 5 total transfers and no price data. Liquidity in the Crown system sits in BRLV, not BRLY.

What we think you should know

Total supply 377,126,620.478 BRLY on Base as of 2026-08-05 (ERC1967 upgradeable proxy, 18 decimals). Existence and rebasing design independently corroborated by OpenZeppelin's audit of Crown's BRLV.sol, BRLY.sol, YieldStripping.sol and wBRLY.sol (audit conducted 15-18 July 2025; 0 critical/high/medium findings). Contract addresses in docs.crown-brlv.com match Basescan for BRLV, which is why I treated that docs domain as authentic, but note brl.xyz itself was robots-blocked so I could not confirm the docs domain from the issuer's primary site. wBRLY (wrapped, non-rebasing) appears in the audit scope but I did not see a deployed wBRLY address.

Sources

Other BRL instruments

Instrument	Ccy	Type	Yield	Size	Access	Confidence
Crown BRLV + BRLV Rewards program BRLV	BRL	yield-bearing stablecoin	not published	$72.95M	permissionless	verified
Etherfuse TESOURO Stablebond (tokenized Brazilian short-term sovereign debt) TESOURO	BRL	tokenized government debt	12.76%	$752.30k	permissionless	verified
Mercado Bitcoin Renda Fixa Digital (tokenized fixed-income program)	BRL	other	not published	n/d	not established	inferred