Brazil Crypto Report

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Ola pessoal! I had the chance to catch up with Sthefano Batista at Merge Sao Paulo. Sthefano is Head of Latam at Figment, which is the world’s largest provider of institutional staking services with more than $18 billion in assets staked. Figment counts BlackRock, Nubank, and Robinhood among its clients, and is responsible for 5 to 6 percent of all Ethereum validated globally. Why Institutions Are Embracing Staking For traditional finance, digital asset staking is a genuinely new concept. It is not a bond. It is not a dividend. The yield comes from supporting the network itself, and the risk profile is fundamentally different from anything in a legacy portfolio. What has resonated with institutional clients, Sthefano explains, is precisely that difference. Staking on a network like Solana or Ethereum, done correctly through a non-custodial provider, means client assets never leave their wallets. Figment never touches private keys. If Figment disappeared tomorrow, clients would still have their assets. That can be a hard pitch to make to compliance teams. But once it lands, it tends to land well. The Edge Is in the Details Figment’s positioning is not built on offering the highest yields. It is built on risk-adjusted performance, and that distinction matters. The firm has a dedicated protocol team that vets every network before onboarding it, monitors governance and inflationary changes, and helps institutional clients understand what updates like Solana’s FireDancer mean in practice. They have never had a slashing event in their history. When you are validating 5 percent of all Ethereum, you do not take shortcuts. Brazil as a Test Case for Regulated Staking Brazil’s updated VASP framework, revised last November, has created one of the clearest regulatory environments for staking anywhere in the world. For Figment, that has been a genuine business accelerant, giving Faria Lima institutions the confidence to move from curiosity to commitment. Sthefano frames it well: the blockchain is global, but how Brazil thinks about investment risk, inflation, and wealth protection is distinctly local. You need people on the ground who understand both. Key Takeaways * Figment manages $18B in staked assets and validates 5 to 6% of all Ethereum * Non-custodial staking means client assets are never held by Figment * Brazil’s VASP regulation has created a clear, compliant path for institutional staking * BlackRock and Nubank are among Figment’s publicly confirmed clients * Figment just launched a USDC yield product and is expanding across the Americas Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Ola pessoal! At Merge São Paulo, I caught up with Rodrigo Coelho, CEO of Edge & Node, which is the original team behind The Graph protocol. We talked about one of the most exciting intersections in tech right now: agentic commerce and the future of blockchain-powered payments. Rodrigo was born in Brazil, and his family moved to the US when he was young. His path into Web3 started the way a lot of great origin stories do, by accident. Working out of a San Francisco co-working space in 2016, he struck up a friendship with Yaniv Tal, who was building the pitch deck for what would become The Graph. A few years later, Rodrigo was the team’s first hire. He has been with them ever since, taking over as CEO just over a year ago. For the uninitiated, The Graph is the indexing and querying layer that sits beneath much of Web3. If you have ever interacted with a decentralized application, you have almost certainly used it without knowing it. Edge & Node recently launched AMP, a new product that modernizes that infrastructure for institutional use. It offers cryptographic data verification, cross-chain compatibility, and a predictable flat-fee pricing model that banks and financial institutions are finding increasingly attractive as their API costs spiral. The part of our conversation that really stood out was the discussion around agentic commerce. As AI agents become capable of executing real-world tasks autonomously, they need a way to pay for things. A rational agent is not going to choose a payment rail that charges a 3% fee and requires KYC when it could settle a transaction for a thousandth of a cent using stablecoins. That calculus is not even close. Edge & Node has been working on micro-payment infrastructure since 2021. When Coinbase’s X402 standard launched, they jumped on it immediately, contributing a deferred payment scheme that allows nano-payments to be batched and settled on-chain in bulk. It is exactly the kind of boring-but-essential plumbing that makes a new financial system actually work. We also got into the competitive landscape, whether Visa and MasterCard can reinvent themselves before crypto rails make their fee extraction model obsolete, and why the stablecoin wars may not produce a single winner. Key Takeaways: * The Graph quietly powers much of Web3 data infrastructure, and Edge & Node’s new product AMP brings that technology to institutional players with compliance and cost predictability built in * AI agents will gravitate toward crypto payment rails naturally since they cannot easily KYC, and the fee difference vs. traditional rails is not even a contest * Ephemeral virtual cards are a short-term bridge for agentic commerce, but agent-to-agent crypto payments are where things are heading fast * The stablecoin landscape is unlikely to produce one winner; expect a fragmented but interoperable ecosystem, much like traditional banking today * Visa and MasterCard are paying close attention, but their 3% fee model faces a serious structural threat as X402-style rails go mainstream Give it a listen! Have a great week everyone, -AWS Brazil Crypto Report is presented by Figment is the leading independent provider of staking infrastructure with $18B assets under stake and provides the complete solution for over 1000 institutional clients in Latin America and globally. Through its enterprise-grade infrastructure, Figment enables clients such as banks and exchanges, to earn rewards on Proof-of-Stake assets such as Ethereum and Solana, while maintaining the highest standards of security, compliance, and performance. Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Ola pessoal! If you want to understand where the blockchain talent market is heading, talk to a recruiter. They’re always six months ahead of the news cycle. Owen Healy of Owen Healy Blockchain Talent proves the rule. The Ireland-based blockchain headhunter has spent five years placing developers, BD professionals, DevRels, and marketers at some of the most promising projects in the space. With 50,000 LinkedIn followers and a track record of successfully placing Brazilian talent at global crypto firms, Owen brings a ground-level perspective on where the industry is hiring, who it’s hiring, and why Brazil keeps coming up as one of the most exciting talent pools in the world. BCR is excited to be a media partner for Merge Sao Paulo next week. Shoot me a note if you’re going to be around want to catch up! Key takeaways from the episode: * The blockchain job market is growing up. The early days of hiring only developers and BD folks are over. Product managers, legal professionals, and candidates with traditional finance backgrounds are now in high demand as crypto projects move from experimentation into operational maturity. * TradFi talent is finally making the jump. Wall Street professionals who were curious about crypto but reluctant to give up salary and benefits are finding it easier to transition now — as more institutional-grade firms enter the space and offer risk profiles that actually suit them. * Brazilian talent punches above its weight. Owen consistently highlights Brazilian candidates for their strong engineering skills, clear communication, honesty about their experience, and competitive rates relative to North American counterparts - all while working in compatible time zones. * Remote work is getting harder to secure. Time zones matter more than they did in 2021, and hybrid models are increasingly common. The candidates who remain location-independent are those whose skills are rare enough that companies will bend the rules to hire them. * Job boards alone won’t cut it. Owen’s advice for job seekers: go “multi-chain.” Apply through official channels, but also build genuine relationships inside target companies, get internal advocates, and come to interviews prepared with competitive intelligence. * Referrals still rule. In a small industry where everyone is a second-degree connection from everyone else, a warm introduction remains the single most powerful job search tool. Have a great week everyone, -AWS Brazil Crypto Report is presented by Figment is the leading independent provider of staking infrastructure with $18B assets under stake and provides the complete solution for over 1000 institutional clients in Latin America and globally. Through its enterprise-grade infrastructure, Figment enables clients such as banks and exchanges, to earn rewards on Proof-of-Stake assets such as Ethereum and Solana, while maintaining the highest standards of security, compliance, and performance. Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Ola pessoal! Rodrigo Trindade is an investor with Iporanga Ventures. He joins the show to discuss his groundbreaking research on local stablecoin adoption across Brazil and Latin America. As both a venture investor and consultant in the region’s crypto ecosystem, Rodrigo identified a critical gap in the market: comprehensive, reliable data tracking the growth and usage of regional stablecoins. He developed a tracking dashboard that monitors on-chain data for Latin American stablecoins on a weekly basis, capturing supply metrics, holder counts, active addresses, transaction volumes, and DeFi activity including TVL for local stablecoin pairs. This infrastructure now serves as the primary source of market intelligence for investors and builders operating in the space. Our conversation explores why local currency stablecoins represent essential infrastructure for the region’s emerging on-chain financial system. While USD-denominated stablecoins will likely maintain global dominance, Rodrigo argues that functional on-chain economies in Latin America require native currency rails. Users need to transact, borrow, and generate yield in their local currencies—not just convert everything to dollars. Key Takeaways: * Transparency gaps remain critical: The industry needs to move beyond monthly reserve attestations toward real-time proof of reserves. Rodrigo highlights partnerships like the one between Crown and Fact Finance as important steps toward better transparency standards. * Liquidity infrastructure is developing: While multiple liquidity providers and aggregators have emerged across Latin America, the market hasn’t reached maturity yet. Deeper liquidity pools remain necessary for sustainable growth. * Credit and yield are the next frontiers: Looking ahead to 2026-2027, Rodrigo identifies tokenized credit and on-chain yield products as the hottest opportunities. These building blocks will enable Latin American users to access the full spectrum of financial services on-chain. * Retail payments need refinement: While B2B crypto payment solutions have made progress, creating seamless consumer experiences for cross-border transactions and everyday payments remains an unsolved challenge. Rodrigo’s research provides rare visibility into a rapidly evolving market. For investors, builders, and institutions exploring opportunities in Latin American crypto infrastructure, his dashboard and insights offer invaluable data-driven perspective on where the ecosystem stands and where it’s headed. You can connect with Rodrigo on Linkedin and X/Twitter. Have a great week everyone, -AWS Brazil Crypto Report is presented by Avenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT. Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain. https://avenia.io/ Figment is the leading independent provider of staking infrastructure with $18B assets under stake and provides the complete solution for over 1000 institutional clients in Latin America and globally. Through its enterprise-grade infrastructure, Figment enables clients such as banks and exchanges, to earn rewards on Proof-of-Stake assets such as Ethereum and Solana, while maintaining the highest standards of security, compliance, and performance. Recent Episodes Get full access to Brazil Crypto Report at newsletter.brazilcrypto.io/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Ola pessoal! Today’s episode is with John Delaney, co-founder and CEO of Crown - which has quickly become a major player in a Brazilian stablecoin market that is entering a new phase of maturity. John shares how Crown is solving what he identifies as the most acute problem in Brazil’s digital asset ecosystem: enabling institutional players to capture yield in a high interest rate environment. The Numbers Speak for Themselves Crown has achieved remarkable traction since launching BRLV, which is now the largest emerging market stablecoin with over 360 million BRL in circulation. The company recently closed a $13 million Series A round led by Paradigm. But what makes Crown’s approach distinctive isn’t just the capital raised or volumes achieved - it’s the architectural decisions that underpin the product. Why Brazil? Why Now? Delaney, a former Cleary Gottlieb lawyer who worked on structured finance deals including Nubank’s early credit card funding, brings deep expertise across American and Brazilian financial markets to the project. His thesis centers on three key attributes that make Brazil an ideal stablecoin market: * A trillion-dollar-plus M2 money supply * A crypto-friendly regulatory environment fostered by the Central Bank * Positive real interest rates that significantly outpace inflation The Yield Generation Advantage Unlike traditional stablecoin models where issuers retain all interest income generated by reserve assets, BRLV shares yield with institutional partners at what Delaney describes as “a very deep architectural level.” This design choice directly addresses the opportunity cost institutional players face when holding stablecoins in high-yield environments, a problem that doesn’t exist to the same degree in low-rate markets like the US or Europe. Security First Beyond yield generation, Crown has implemented what may be the most robust security structure in the stablecoin industry globally. BRLV features a bankruptcy-remote reserve holding combined with perfected legal guarantees, ensuring that token holders maintain claims on underlying assets even if Crown itself fails. This represents the first implementation of security protections outlined in frameworks like the Genius Act. An Ambitious Vision Delaney’s long-term target: one trillion BRL in circulation within ten years, representing high single-digit percentage of Brazil’s M2 money supply. He views the stablecoin market as winner-take-all, or at minimum winner-take-most, drawing parallels to the USDT/USDC duopoly. As Brazil’s stablecoin market enters a new phase of maturity, Crown’s rapid ascent offers important lessons for how institutional-grade infrastructure is being built in emerging markets. You can connect with John on Linkedin. Key Takeaways: ✓ Native yield architecture – BRLV enables institutional holders to capture yield from Brazil’s high interest rate environment ✓ Bankruptcy-remote structure – First global implementation of perfected legal guarantees protecting stablecoin holders ✓ Market opportunity – Brazil’s trillion-dollar M2 money supply and positive real rates create optimal conditions ✓ Institutional focus – Go-to-market strategy prioritizes institutional flows that drive majority of volumes ✓ Ambitious scaling – Target of one trillion BRL circulation within 10 years Have a great week everyone, -AWS Brazil Crypto Report is presented by Avenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT. Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move...

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Ola pessoal! The era of taxation loopholes and gray areas appears to be rapidly coming to an end in Brazil. Thiago Barbosa, partner at Salles Nogueira Advogados and a crypto tax law expert, joins the show to discuss sweeping regulatory changes that will transform how Brazilian crypto holders must report and pay taxes on their digital assets. Brazil is undergoing a major compliance transformation on two fronts. First, the new DeCripto regime replaces the old Normative Instruction 1888 reporting requirements, aligning Brazil with the OECD’s Crypto Asset Reporting Framework (CARF). This isn’t just a bureaucratic update - it’s Brazil joining a global information-sharing network that enables tax authorities to exchange crypto holder data across borders. In other words, if you’re a Brazilian trading on a foreign exchange, that platform will be reporting your activity back to the Receita Federal. Perhaps the most contentious development is the Finance Ministry’s stance on applying IOF (tax on financial operations) to stablecoin transactions. Here’s the issue: IOF was created before stablecoins existed, and the current law only covers currency issued by governments - not digital representations of fiat issued by private companies like USDT or USDC. This creates a legal loophole that technically exempts stablecoins from IOF. However, the government is engaged in what Thiago calls “rhetoric warfare.” By publicly stating that IOF will apply to stablecoins, they’re using fear to discourage companies from adopting them, even though they lack the legal authority to collect the tax without Congressional action. When companies avoid stablecoins out of uncertainty, they stick to traditional fiat channels where the government collects more fees. It’s regulatory intimidation without legislative backing, and Thiago warns that the Receita may attempt to unilaterally collect IOF on stablecoin transactions anyway, forcing companies into costly legal battles to defend themselves. Key Takeaways: * Global reporting is here: Foreign exchanges must now report Brazilian user data to the Receita Federal under the OECD framework, creating an international surveillance net * Three reporting obligations: Exchanges in Brazil, foreign platforms serving Brazilian users, and individual crypto holders all face new disclosure requirements * VASP licensing gets serious: The Central Bank’s new requirements demand significant capital, compliance infrastructure, and regulatory approval to operate * IOF stablecoin limbo: The government claims IOF applies to stablecoins despite legal gaps, using fear tactics to discourage adoption while avoiding legislative process * Lifestyle monitoring intensifies: The Receita Federal is investing heavily in AI and surveillance tools to identify mismatches between reported income and actual spending patterns The Bigger Picture: Financial Surveillance Escalates Perhaps most concerning is what Thiago revealed toward the end of our conversation: this crypto crackdown is part of a much broader financial surveillance push by the Brazilian government. The IRS is pouring resources into tracking everything from Instagram posts showcasing luxury lifestyles to international travel patterns—all to identify taxpayers whose spending doesn’t match their declared income. As Thiago bluntly put it, the window for undeclared crypto wealth is closing fast. With international data sharing, AI-powered surveillance, and increasingly sophisticated enforcement mechanisms, the “degens” who thought they could stay one step ahead of the Receita Federal are running out of room to maneuver. The message is clear: Brazil is serious about bringing crypto into the regulated fold, and non-compliance is becoming an increasingly risky bet. You can connect with Thiago on Linkedin and...

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Ola pessoal! Today’s episode is with Justin Norman, founder of The Flip, to discuss his recent on-the-ground research into stablecoin adoption across Latin America. Justin has spent years documenting technology adoption in emerging markets, and his latest YouTube documentary series provides rare, unfiltered insights into how stablecoins are actually being used in the region. The Argentina Paradox Justin’s investigation in Argentina revealed a fascinating disconnect. Despite $90 billion in stablecoin transaction volumes, visible retail adoption remains minimal. You won’t find prices listed in USDT or widespread merchant acceptance. So where are these volumes coming from? The answer lies in understanding stablecoins’ true utility in Argentina’s distorted economy. They primarily serve as store-of-value instruments and facilitate cross-border trade, rather than functioning as everyday payment methods. This reflects the reality of Argentina’s parallel exchange markets and chronic dollar shortages - conditions that create natural demand for dollar-denominated digital assets. Be sure to catch Justin’s brilliant documentary exploring stablecoins in Argentina below👇 Beyond the Hype Justin’s work cuts through the prevailing narratives around stablecoin adoption. While North American and European institutions focus on shaving basis points and improving settlement times, emerging markets face fundamentally different problems: currency devaluation, capital controls, and inadequate access to global financial infrastructure. The adoption pattern Justin documented isn’t limited to Argentina. He found striking similarities between Latin American markets like Bolivia and African markets like Nigeria—countries facing comparable macro pressures including fuel subsidy issues, dollar shortages, and import-dependent economies. Infrastructure Matters One key differentiator Justin identified: Latin America’s relatively robust payment infrastructure creates better conditions for stablecoin on-ramps and off-ramps compared to many African markets. The ability to scan a QR code and instantly convert stablecoins to local currency requires strong local payment rails—infrastructure that exists in varying degrees across emerging markets. Key Takeaways: * Real use cases differ from expectations: Stablecoins in Latin America primarily serve store-of-value and cross-border trade functions, not retail payments * Context is everything: Understanding macro conditions (dollar shortages, parallel markets, currency controls) is essential to understanding adoption patterns * Infrastructure enables adoption: Strong local payment systems make stablecoin conversion seamless, creating better user experiences * Emerging markets share common drivers: Similar economic pressures across Latin America and Africa create comparable crypto adoption patterns, though at different stages Justin’s documentary series represents essential viewing for anyone seeking to understand genuine stablecoin adoption beyond the hype cycle. You can connect with Justin on Linkedin. Have a great week everyone, -AWS Brazil Crypto Report is presented by Avenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT. Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain. https://avenia.io/ Figment is the leading independent provider of staking infrastructure with $18B assets under stake and provides the complete solution for over 1000 institutional...

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Olá pessoal! For today’s episode I’m joined by Thomaz Teixeira, CEO of BRL1, and Ben Reid, Head of Stablecoins at Bitso, to discuss the BRL1 stablecoin project. BRL1 represents a departure from the typical competitive dynamics we see in crypto markets. Instead of each exchange launching its own stablecoin, major Brazilian platforms Mercado Bitcoin, Bitso, Foxbit, and Cainvest formed a consortium to build shared infrastructure. Despite launching just months ago, BRL1 has already achieved impressive market penetration, regularly trading as the sixth or seventh highest-volume crypto asset on Brazilian exchanges, ahead of established tokens like Dogecoin and sometimes even Solana. More significantly, BRL1 is capturing roughly half the trading volume of USDC in Brazil on centralized exchanges, a remarkable feat considering every user already had access to dollar-denominated stablecoins. What makes BRL1 particularly compelling is its focus on institutional use cases. The project is attracting significant interest from market makers and liquidity providers who need efficient rails for moving value between exchanges globally. As Teixeira explained, his background in high-frequency trading and algorithmic arbitrage positioned him to understand the friction points in cross-exchange liquidity flows, problems that BRL1 was specifically designed to address. Reid provided valuable context on the broader stablecoin landscape in Latin America, noting that institutional market makers are increasingly positioning themselves across G20 markets and seeking to onboard trusted local currency stablecoins. This isn’t speculative positioning - these players are responding to real demand from corporates conducting cross-border payments and financial institutions seeking more efficient settlement mechanisms. We also also touch on how BRL1 addresses some of the interoperability challenges that Brazil’s now-shuttered Drex CBDC project aimed to solve. By creating standardized infrastructure that connects previously siloed liquidity pools, BRL1 is demonstrating how private sector innovation can fill gaps in market infrastructure. Key Takeaways: * Consortium Model Shows Promise: Competitors collaborating on shared infrastructure can create network effects that benefit all participants and accelerate adoption * Institutional Traction Is Real: Market makers and liquidity providers are actively onboarding BRL1 for cross-exchange arbitrage and cross-border payment flows * Volume Metrics Validate Demand: BRL1’s trading volume already represents 50% of USDC’s Brazilian exchange volume despite being live for only months * Local Stablecoins Fill Market Gaps: Non-dollar stablecoins serve distinct use cases beyond currency speculation, particularly for regional market efficiency and capital flows You can connect with Thomaz and Ben on Linkedin. Have a great week everyone, -AWS Brazil Crypto Report is presented by Avenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT. Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain. https://avenia.io/ Figment is the leading independent provider of staking infrastructure with $18B assets under stake and provides the complete solution for over 1000 institutional clients in Latin America and globally. Through its enterprise-grade infrastructure, Figment enables clients such as banks and exchanges, to earn rewards on Proof-of-Stake assets such as Ethereum and Solana, while...

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Olá pessoal! You surely saw that Brazil’s Central Bank released much-anticipated VASP regulations earlier this week. These rules have been in the works for three years now, and they bring significant clarity to the market and serve to (in some ways) level the playing field. To discuss what’s in these regulations, timelines and likely winners and losers, I’m joined by Carlos Eduardo Russo, CEO and co-founder of Bluegreen, and Cesar Carvalho, partner at Baptista Luz Advogados. Both Carlos and Cesar serve on the government relations team of the ABToken trade association and have been heavily involved in the rulemaking process. The VASP regulatory package comprises three primary resolutions addressing authorization requirements, operational compliance standards, and the integration of crypto assets into Brazil’s foreign exchange market. The framework represents the Central Bank’s attempt to balance market innovation with financial stability, though several contentious issues remain under discussion. Key Themes and Takeaways Authorization Timeline and Process * Regulations take effect February 2, 2025, with VASPs required to file formal authorization requests within nine months * A phased two-stage approval process is expected to span approximately three years from initial filing to final authorization * Companies must demonstrate operational readiness immediately upon filing, including compliance with cybersecurity, risk management, and AML obligations Capital Requirements Create Market Pressures * Minimum regulatory capital ranges from R$11.2 million to R$37.2 million depending on the business model * Industry advocates are pushing for a phased contribution calendar allowing companies up to two years to meet capital requirements * Smaller players face significant barriers to entry, potentially consolidating market share among established entities Level Playing Field—With Asterisks * All VASPs—domestic and international—must now report customer transactions to tax authorities with no loopholes * The framework addresses longstanding complaints from local exchanges about uneven compliance standards * However, concerns persist about regulatory advantages favoring traditional financial institutions (”TradFi”) over new VASP entrants Foreign Exchange Market Integration * Stablecoin transactions are now formally incorporated into Brazil’s regulated FX market * VASPs face stringent reporting requirements aligned with traditional FX brokers * This legitimizes crypto-based cross-border payments within Brazil’s regulatory framework The regulations represent a conservative, iterative approach from the central bank, which has signaled openness to continued industry dialogue. For stakeholders, the coming months will be critical as firms assess their compliance pathways and the industry advocates for refinements to ensure genuine competitive parity across all market participants. You can connect with Carlos and Cesar on Linkedin. Have a great week everyone, -AWS Brazil Crypto Report is presented by Avenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT. Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain. https://avenia.io/ Figment is the leading independent provider of staking infrastructure with $18B assets under stake and provides the complete solution for over 1000 institutional clients in Latin America and globally. Through its enterprise-grade infrastructure, Figment...

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Olá pessoal! Today’s episode is with Paulo David, CEO and co-founder of AmFi, one of Brazil’s leading real-world asset tokenization platforms. Paulo is a serial entrepreneur who previously built and sold two major Brazilian fintechs - including Grafeno, which has processed over US$18 billion in transactions. He brings invaluable insights into how blockchain technology can transform the country’s capital markets. The Opportunity: Brazil’s “Most Attractive Export” Paulo frames Brazil’s challenge succinctly: the country maintains the world’s second-highest interest rates, yet global investors remain largely absent from its private credit markets. While foreign capital flows freely into Brazilian equities, commodities, and venture investments, the private credit sector remains inaccessible due to complexity, lack of transparency, excessive intermediaries, and the absence of secondary markets. AmFi aims to bridge this gap by creating a standardized, transparent platform that connects Brazilian yield with global capital. Market Scale and Growth Trajectory The numbers tell a compelling story. Brazil’s capital markets have exploded from $20 billion to $150 billion in recent years, growing at approximately 40% annually with projections to reach $500 billion in the coming years. Yet a stark disparity remains: Brazil’s economy is 13 times smaller than the United States, but its private credit market is 56 times smaller. In Brazil, roughly 80% of business financing flows through traditional banks, while in the US, capital markets dominate - a dynamic Paulo sees shifting rapidly. Infrastructure Solutions Through Technology Drawing from his experience at Grafeno, where his solutions touched nearly 40% of all capital market assets in Brazil, Paulo identified critical infrastructure gaps that blockchain uniquely addresses. Unlike developed markets where technology provides incremental improvements, in Brazil it solves fundamental structural problems around transparency, automation, and market access. Expansion and Economic Impact AmFi’s near-term strategy focuses on consolidating its Brazilian presence while targeting distribution partnerships in Southeast Asia and the Middle East - regions with advanced digital asset adoption and appetite for emerging market yield. Paulo emphasized that increased foreign participation will drive competition, reduce spreads, and ultimately lower borrowing costs for Brazilian businesses, creating positive ripple effects throughout the economy. Key Takeaways: * Market opportunity: Brazilian private credit markets growing 40% annually toward $500B+ * Infrastructure gap: Blockchain solves transparency, accessibility, and secondary market challenges * Economic impact: Foreign capital influx will increase competition and reduce borrowing costs * Regulatory tailwinds: Brazil’s Central Bank actively supporting tokenization initiatives * Global expansion: Southeast Asia and Middle East prioritized for investor distribution You can connect with Paulo on Linkedin. Have a great week everyone, -AWS Brazil Crypto Report is presented by Avenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT. Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain. https://avenia.io/ Figment is the leading independent provider of staking infrastructure with $18B assets under stake and provides the complete solution for over 1000 institutional clients in Latin America and...

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Olá pessoal! For today’s episode I talk to Gui Gomes, CEO and founder of OranjeBTC, which became Latin America’s largest bitcoin treasury company and the 26th largest in the world when it publicly listed on Brazil’s B3 exchange earlier this month. We discuss how Oranje aims to be more than just a vehicle for acquiring bitcoin. Rather, Gui sees Oranje as a bitcoin-native company that will catalyze mass adoption of bitcoin across Latin America. Key Takeaways: * From Bridgewater to Bitcoin: Prior to joining Swan Bitcoin in 2022, Gomes spent several years at Ray Dalio’s Bridgewater Associates, where exposure to Dalio’s “Changing World Order” research helped crystallize his conviction that bitcoin represents the future of reserve currencies. The parallels between Dalio’s thesis on currency cycles and bitcoin’s value proposition were impossible to ignore. * Purpose-Built, Not Dabbling: Unlike other companies simply adding bitcoin to their balance sheets as a hedge, OranjeBTC is built from the ground up to operate on the bitcoin standard. Every aspect — from capital structure to hiring to cost basis — is designed around bitcoin accumulation and education. * Latin America’s Unique Opportunity: The region’s history with currency devaluation and inflation makes bitcoin particularly compelling solution. As Gomes puts it: “If bitcoin is good for Americans, bitcoin is great for Latin Americans.” With nearly a billion people and abundant natural resources held back by monetary instability, moving to a bitcoin standard could be transformational for the region. * US vs Brazil Adoption Gap: While US institutional understanding of bitcoin is more advanced, Brazil leads in regulatory clarity. Brazilian banks have been selling bitcoin directly from checking accounts since before US ETF approval—a capability American banks still don’t have. * Aggressive Growth Plans: Orange holds approximately 3,700 BTC and continues buying weekly. The company plans to deploy multiple capital instruments — equity offerings, convertible notes, and other tools — to accelerate treasury growth while creating value for shareholders. * Education as Mission: OranjeBTC is releasing comprehensive research papers on treasury companies, bitcoin fundamentals, and Latin American economic opportunities. It will be hosting institutional events and building educational content for both newcomers and sophisticated investors. Gomes brings a unique perspective shaped by traditional finance experience and hardcore bitcoin conviction. His vision extends beyond corporate treasury strategy to national-level adoption, believing Brazil’s 215 million people could set a transformative example for emerging markets worldwide. Gui also weighs in on the “debasement trade,” why digital natives will accelerate adoption, and how nation-states are just beginning to recognize bitcoin’s strategic importance. You can connect with Gui on Linkedin. Have a great week everyone, -AWS Brazil Crypto Report is presented by Avenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT. Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain. https://avenia.io/ Recent Episodes Get full access to Brazil Crypto Report at newsletter.brazilcrypto.io/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Olá pessoal! Today’s episode is with David Taylor, CEO and co-founder of Etherfuse, where we explore what might be the most overlooked infrastructure gap in crypto: tokenized sovereign debt. Taylor’s thesis is compelling: while crypto has created an explosion of speculative assets, it lacks the foundational building block that underpins all traditional finance: the risk-free rate. In TradFi, everything is measured against government bonds. But onchain? That benchmark simply doesn’t exist, creating a critical missing link between the blockchain and traditional finance worlds. His mission is to bring nations “onchain” by tokenizing their sovereign debt, starting with Mexico and now expanding into Brazilian Tesouro bonds. Key Takeaways: * Infrastructure for onchain sovereign debt: Etherfuse positions itself as the AWS-like infrastructure layer for tokenized government bonds, handling regulatory compliance, security, and collateralization so builders can simply integrate and create financial products without recreating this complex foundation * The non-USD opportunity: While most attention focuses on dollar-denominated assets, emerging markets like Brazil, Mexico, and Argentina offer clearer regulatory pathways and stronger incentives for innovation with local currency stablebonds * Solving the liquidity problem: By combining yield-bearing sovereign debt with blockchain rails, stablebonds create natural incentives for liquidity in non-USD stablecoins - something the market has desperately needed * Democratizing access to sovereign yields: By tokenizing government bonds as interest-bearing stablecoins, Etherfuse removes the traditional barriers that limited sovereign debt access to institutions and high-net-worth investors, allowing anyone with a crypto wallet to earn these yields * Historical precedent matters: Taylor points out that successful economies historically started with bonds (Venice, Amsterdam, France), not just currency. Crypto needs to follow the same playbook I really enjoyed this conversation with David and I hope you do as well. You can connect with him on Linkedin. Have a great week everyone, -AWS Brazil Crypto Report is presented by Avenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT. Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain. https://avenia.io/ Recent Episodes Get full access to Brazil Crypto Report at newsletter.brazilcrypto.io/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Olá pessoal! Today we’re talking to Qin En Looi, Managing Partner at Onigiri Capital and Partner at Saison Capital, about why his Singapore-based venture fund is making a major bet on Brazil’s tokenization and stablecoin ecosystem. Backed by Credit Saison, a 75-year-old Japanese financial institution with US$30 billion in assets, Onigiri Capital recently launched a US$50 million fund focused exclusively on blockchain-powered financial services. Latin America — and specifically Brazil — will be key areas of focus for deploying this capital. What makes Brazil particularly attractive? According to Qin en, it starts with the Central Bank. “I don’t think any government or central bank in the world comes close to what the Brazilian Central Bank has done in terms of innovation,” he explains, pointing to initiatives like Drex and the country’s track record with PIX and open finance. But the regulatory environment is just one piece of the puzzle. Qin en notes that he has been impressed by how Brazilian blockchain founders are delivering metrics at Series A that rival Series C companies in other markets—often with profitability already achieved. “For the same valuation, I can get a company making two to three million dollars ARR, whereas elsewhere you’d have an unpaid pilot,” he notes. Key Takeaways: * Focused verticals: Onigiri is focusing primarily on stablecoins, payments, tokenized assets, financial markets infrastructure, and DeFi * Local-first approach: The firm is partnering with local funds like Norte Ventures, OneVC, and Valor Capital to better connect with the ecosystem * Institutional advantage: Portfolio companies gain access to Credit Saison’s extensive network of banks and asset managers across Asia * Capital efficiency: Brazilian startups demonstrate stronger revenue focus and resilience compared to peers in developed markets I really enjoyed this conversation with Qin en and I hope you do as well. It will be exciting to see how his thesis plays out in the coming years. You can connect with Qin en on Linkedin. Have a great week everyone, -AWS Brazil Crypto Report is presented by Avenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT. Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain. https://avenia.io/ Recent Episodes Get full access to Brazil Crypto Report at newsletter.brazilcrypto.io/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Olá pessoal! Last month at Stellar Meridian in Rio de Janeiro, I had the privilege of moderating a super interesting panel exploring how stablecoins are solving real problems in emerging markets. Joining me were: * Sebastian Siseles, CEO of Vesseo * Ibrahim Abdulhussein, CEO of Digibank * Camila Rioja, Executive Director of Plexus Institute * Justin Norman, founder of The Flip The conversation revealed that successful crypto adoption isn’t just about the technology - it’s about successfully pairing the technology with local operators and users to create the ideal localized solution. Ibrahim’s story exemplifies this perfectly. After struggling to send money to his father in war-torn Syria, he built Digibank - a network of 2,000+ physical cash-out points across the MENA region serving 31,000 users. The innovation? Users receive a PIN code via SMS or print, walk to a local merchant, and collect cash. No wallet required. No blockchain knowledge needed. Just simple access to remittances in countries where Western Union doesn’t operate. Sebastian shared how Vesseo is building a non-custodial wallet that prioritizes real-world usability over crypto education. Their mission: “earn global, spend local.” In the coming weeks, they’ll be launching the first Stellar wallet with crypto-to-fiat cards, allowing users to convert USDC at point-of-sale. As Sebastian put it, comparing a traditional $35 wire transfer to near-instant, near-free Stellar transactions is “no brainer” territory. Camila’s work with Plexus Institute showcases how existing systems can be enhanced with blockchain. Brazil already has 180+ community currencies serving municipalities across a country 205 times the size of Switzerland. Their Aratu project is piloting transparent, on-chain distribution of social benefits to communities of mainly women harvesting crabs in Brazil’s northeast. Justin, fresh from a three-week documentary tour across South America, emphasized what ties these stories together: last-mile user experience matters more than infrastructure hype. The excitement around stablecoins often focuses on volumes and new layer-ones, but real adoption happens when solutions are deeply localized for each context. Key Takeaways: * Context matters more than infrastructure - Each market has unique drivers: Bolivia’s dollar shortages, Argentina’s capital controls, Syria’s lack of banking infrastructure, Brazil’s community currency networks. * Abstract away the complexity - The best projects hide blockchain entirely. Users don’t need crypto knowledge to benefit from crypto rails. * Trust takes time - Digibank’s Syrian health workers initially cashed out salaries immediately; seven months later, many now hold USDC voluntarily. * Build on what exists - Don’t create new behaviors from scratch. Enhance existing financial practices with blockchain’s benefits. The future of stablecoins isn’t purely on-chain or off-chain. Rather, it’s intertwined with existing financial behaviors and meeting users where they are. Have a great week everyone, -AWS Brazil Crypto Report is presented by Avenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT. Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain. https://avenia.io/ P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain. Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no...

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Olá pessoal! Raagulan Pathy is CEO and founder of KAST, the stablecoin neobank has been spreading like wildfire since launching 14 months ago, particularly in emerging markets like Brazil and Latin America. Raags is known across the industry as “The Stablecoin Guy” dating back to his previous role leading Circle’s Asia operations, and he joins to shares insights into building a truly global banking alternative for the crypto-native generation. KAST represents a fundamental shift in how we think about digital banking infrastructure. Rather than simply offering another crypto card or wallet, the platform provides a comprehensive bank-like experience that bridges traditional finance with decentralized assets. Users can deposit stablecoins across multiple chains, earn yield on their holdings, and spend globally through integrated card services. Key Market Insights * Exceptional user engagement metrics: KAST has achieved 500,000 app downloads with 64% weekly active users and 30% daily active users, demonstrating strong product-market fit in the neobanking space * Rapid growth trajectory: The platform processes over US$20 million in monthly volume while maintaining 20% month-over-month growth, suggesting sustainable scaling momentum * Strategic market positioning: Latin America represents 30% of KAST’s global business, with Brazil emerging as a particularly strong market due to demand for global banking alternatives * Four distinct customer segments: The platform serves crypto natives, stablecoin-first users from the Global South, remote workers, and mobile affluent individuals who operate across multiple jurisdictions Raags’ perspective on the stablecoin ecosystem challenges conventional wisdom about where value creation occurs. While many focus on building new stablecoin protocols, he argues the real opportunity lies in creating usable infrastructure on top of existing stablecoin rails. This insight reflects a broader maturation as the industry advances from pure infrastructure development toward consumer-focused applications. The conversation also reveals important dynamics in Latin American crypto adoption, where stablecoins serve not just as remittance tools but as premium financial products for upwardly mobile consumers seeking global banking alternatives. This represents a significant market opportunity that extends well beyond traditional financial inclusion narratives. I really enjoyed this fascinating conversation and I hope you do as well. You can connect with Raags on Linkedin Have a great week everyone, -AWS Brazil Crypto Report is presented by Avenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT. Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain. https://avenia.io/ P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain. Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no hidden fees. You can easily use P2P.me to pay PIX QR codes in Brazil using your USDc balance. Topup, scan and pay. Visit br.p2p.me to get started and earn $50 per operation limit. Recent Episodes Get full access to Brazil Crypto Report at newsletter.brazilcrypto.io/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Olá pessoal! Mark your calendars because Latin America will be the center of the crypto universe this November. Devconnect, Ethereum’s premier developer-focused event takes place this year in Buenos Aires from November 17-22. This gathering attracts talent from across the Ethereum world as well as competing ecosystems. Prior to that, ETH Latam will take place in Sao Paulo November 6-9 and will bring showcase the best talent and projects that the region has to offer. For today’s episode of BCR we talk to Nathan Sexer, head of Devcon and Devconnect at the Ethereum Foundation and Romina Sejas of ETH Kipu and ETH Latam to talk about how these events showcase the leading, though under-appreciated, role that Latin America plays in the growth of crypto globally. Why Latin America, Why Now? The timing couldn't be better. Argentina boasts one of the world's highest crypto adoption rates, with 5 million people - 10% of the population - using crypto daily. Meanwhile, Brazil is experiencing a a flurry of activity at the institutional level, with banks and regulators conducting deep blockchain research and exploring real-world tokenization projects. As Romina noted, "In Brazil, you don't need to explain what blockchain or Ethereum is anymore. They're already doing the research." ETH LATAM: Brazil's Institutional Moment November 6-9, São Paulo ETH Latam returns to Brazil with a focus on bridging the gap between crypto's grassroots community and institutional stakeholders. This year's event features: * Hackathon component (Nov 6-7) partnered with ETH Samba * Main conference (Nov 8-9) with multiple specialized tracks * Arbitrum Day highlighting the L2's strong Brazilian presence * Staking Forum and AI stage for specialized discussions * Institutional focus targeting banks, regulators, and corporate leaders The event serves as the perfect "stopover before Devconnect," allowing international attendees to experience both Brazil's corporate crypto landscape and Argentina's grassroots innovation. Devconnect: Reimagining Ethereum Gatherings November 17-22, Buenos Aires Devconnect differs from Devcon (also hosted by the Ethereum Foundation) and other crypto events in that it breaks the traditional conference mold, offering a hybrid experience that combines: * 30-40 coordinated events in one massive venue in Palermo * World's Fair component showcasing production-ready Ethereum applications * Co-working spaces for real-time collaboration * Gaming, privacy, and Layer 2 districts for hands-on experiences * Pay-with-crypto functionality throughout the venue The Ripple Effect The Ethereum Foundation's return to Latin America just three years after Devcon Bogotá demonstrates the region's sustained impact. The 2022 event catalyzed community growth that's still expanding today, with projects like Hardhat and OpenZeppelin originating from Argentina's vibrant builder ecosystem. Both events represent a pivotal moment: crypto's evolution from experimental technology to practical infrastructure that serves real-world needs across diverse markets. Be sure to visit ethlatam.org and devconnect.org for tickets and updates. You can connect with Romina and Nathan on X/Twitter. Have a great week everyone, -AWS Brazil Crypto Report is presented by Avenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT. Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain. https://avenia.io/ P2P.me is the fastest...

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Olá pessoal! Today’s episode is with Thamilla Talarico, head of on-chain finance growth for Brazil at Polygon Labs. You may recall that she previously represented Ernst & Young in the Central Bank’s Drex pilot. We talk about Polygon’s deliberate investment in Brazilian market expansion, recognizing the country's unique position in the Latin American digital asset ecosystem. We also dive into several important changes to Polygon’s growth strategy. Gone are the days when Starbucks and Nike were issuing NFTs on the platform. Nowadays, they are laser focused on payments and on-chain finance (RWAs). Thamilla also reflects at length about her experience working on the Drex pilot with EY. We explore about the good, bad and ugly aspects of the project, and how, ultimately blockchain privacy technology is just not ready to be deployed at the scale required by the Central Bank. Key Takeaways Regarding Polygon’s Pivot * Laser-focused vision: Polygon has shifted from being a general-purpose blockchain to specifically targeting real-world assets and payments, moving away from the scattered approach that previously included NFT partnerships and various enterprise initiatives * Market dominance in BRL stablecoins: Brazilian Real stablecoins represent the second-largest non-USD stablecoin volume on Polygon, with major issuers including BRL1 (Bitso, Mercado Bitcoin, Foxbit consortium), BRLA (Avenia), and BRZ (Transfero) * Technical infrastructure improvements: The Giga gas roadmap promises significant performance enhancements, scaling from 1,000 TPS currently to 5,000 TPS by October 2024, with eventual targets of 100,000 TPS * Geographic expansion strategy: Brazil represents one of four key markets receiving dedicated business development resources, alongside Hong Kong, India, and the UK Drex Project Reflections and Market Implications * Privacy vs. composability trade-offs: The fundamental challenge wasn't scalability, but rather balancing blockchain's inherent transparency with privacy requirements and regulatory compliance under Brazilian data protection laws * Technical maturity gaps: None of the three privacy solutions tested in Phase One met the Central Bank's production-ready standards, highlighting the nascent state of enterprise-grade privacy technologies * Regulatory complexity: The Central Bank struggled to reconcile blockchain's transparency with compliance requirements, particularly around data protection and the balance between audit capabilities and broad surveillance powers * Positive externalities: Despite the pivot, the project successfully matured Brazil's digital assets ecosystem, creating technical expertise, fostering collaboration between competitors, and establishing business relationships that will continue beyond Drex Moving forward, Thamilla emphasizes that the infrastructure, knowledge, and business cases developed during the Drex pilot remain valuable. The focus should shift toward private sector initiatives using stablecoins as settlement instruments for tokenized assets, leveraging the collaborative frameworks and technical expertise developed during the pilot program. The Central Bank's decision represents a natural transition from public sector experimentation to private sector implementation, she argues, positioning Brazil to maintain its leadership in tokenization while building on the substantial groundwork laid by the Drex initiative. You can connect with Thamilla on Linkedin. Have a great week everyone, -AWS Brazil Crypto Report is presented by Avenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT. Whether you're building a wallet,...

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Olá pessoal! Today’s podcast episode is a panel discussion I moderated at Bitso Business’ Stablecoin Conference in Mexico City, featuring Monica Ramirez (Anchorage Digital), Nick Philpott (Zodiac Markets), and Peter Wexler (Visa). Our conversation explored how stablecoins have evolved from crypto trading tools to essential infrastructure for global commerce. We highlight critical regulatory developments, particularly the U.S. Genesis Act, which have opened doors for mainstream adoption by providing the regulatory clarity banks and institutions have long sought. This legislation, combined with similar frameworks like Europe's MiCA, is creating a foundation for global stablecoin commerce. Key Themes Discussed: * Commodities Financing Revolution: Zodia Markets processes $30-40 billion annually in USD stablecoins, with individual transactions reaching $155 million for oil cargo purchases, demonstrating stablecoins' capacity for large-scale commodity trading * Correspondent Banking Decline: The retreat of traditional banking networks has created opportunities for stablecoin infrastructure to fill critical gaps in cross-border payments * Emerging Market Innovation: Non-USD stablecoins like Turkish Lira (TRYB) are finding product-market fit, with Zodiac processing nearly $3 billion in TRYB year-to-date * Banking Strategy: Rather than issuing stablecoins directly, banks should focus on providing services to issuers—custody, treasury management, and minting/burning operations * User Experience: The panel emphasized creating "Uber-like" transparency in cross-border payments to reduce psychological costs and uncertainty Market predictions ranged from $1-9 trillion in stablecoin market cap by 2030, with consensus around $2-5 trillion representing a 10x growth from current levels. Huge thanks to the Bitso Business team for the opportunity to participate in this great event! Feel free to connect with Monica, Nick and Peter on Linkedin. Have a great week everyone, -AWS Brazil Crypto Report is presented by Avenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT. Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain. https://avenia.io/ P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain. Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no hidden fees. You can easily use P2P.me to pay PIX QR codes in Brazil using your USDc balance. Topup, scan and pay. Visit br.p2p.me to get started and earn $50 per operation limit. Recent Episodes Get full access to Brazil Crypto Report at newsletter.brazilcrypto.io/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Olá pessoal! This week’s episode is with Matheus Moura, co-founder and CEO of Avenia (formerly BRLA Digital), where we discuss how the company is building out cross-border payments and financial infrastructure across Latin America. We touch on the need for this infrastructure under the thesis that every company will eventually become a financial services company in some capacity. We also explore the role of stablecoins in the embedded finance landscape and why Latin America has emerged as ground zero for this transformation. Avenia is also a sponsor of Brazil Crypto Report so be sure to check them out 🔥 BRLA Digital → Avenia Avenia started off as a quantitative crypto hedge fund, but quickly transitioned in 2023 to focus on financial infrastructure upon realizing the strong product market fit opportunity in the crypto payments space. What started as an idea to create dollar savings accounts for Brazilians has evolved into a comprehensive platform that enables any company to offer financial services through a single API integration. The company's rebrand to Avenia (from "avenida" - avenue in Spanish/Portuguese) perfectly captures their mission: building financial highways for seamless money movement across borders. This infrastructure approach addresses a critical market need, as evidenced by the fact that 90% of Avenia's current revenue comes from cross-border FX transactions. Key Takeaways * The End of "Not Moving Money": Matheus describes how traditional solutions like Wise rely on maintaining cash pools across markets to avoid actual money movement. Stablecoins enable real-time, low-cost transfers that eliminate the need for inefficient balance sheet management. * Latin America's Perfect Storm: The region's combination of instant payment systems (Pix, SPEI), sophisticated user expectations for real-time transfers, and complex correspondent banking relationships creates ideal conditions for stablecoin adoption. * Embedded Finance at Scale: Avenia's vision extends beyond FX to recreating all financial primitives (credit, investing, escrow) through stablecoins, enabling any company to become a financial services provider. Matheus sees this as similar to how cloud computing has democratized tech infrastructure over the last 20 years. * Regulatory Readiness: Brazil's central bank's collaborative approach to innovation, combined with upcoming VASP regulations, positions the country as a leader in crypto-friendly financial infrastructure development. * Regional Expansion Strategy: Success in Brazil provides the foundation for Avenia’s expansion across Latin America, with Argentina, Colombia, and Mexico identified as priority markets based on client demand and regulatory frameworks. Pushing Forward Avenia's roadmap includes expanding payment methods, card issuance capabilities, and additional financial primitives while maintaining focus on reducing complexity for companies entering Latin American markets. As Matheus noted, the goal is creating an environment where "everyone can pay like a local in any country of Latin America" regardless of their native currency. The company's approach represents a fundamental shift in how we think about cross-border payments - from managing liquidity pools to enabling actual money movement through blockchain rails. For financial services stakeholders, Avenia's growth trajectory offers valuable insights into the future of embedded finance in emerging markets. I really enjoyed this conversation with Matheus and I hope you do as well. You can connect with him on Linkedin. Have a great week everyone, -AWS Brazil Crypto Report is presented by Avenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock...

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Olá pessoal! This week’s episode is with Guilherme Bettanin, Brazil country manager for Base - the Coinbase-incubated Ethereum Layer 2 blockchain that has become the largest network of its kind based on transaction volume, users and total value locked. We discuss Gui’s ambitious expansion strategy designed to establish Brazil as a cornerstone of Base’s Latin America ecosystem. The goal is to position Base as Brazil's largest blockchain community while addressing the diverse needs of the local ecosystem. This approach includes supporting various sophistication levels within the Brazilian market, from established enterprise projects to emerging individual developers seeking entry points into decentralized finance, for example. Objectives Include: * Market Positioning: Establish Base as the dominant blockchain community platform in Brazil * Ecosystem Development: Support both large-scale institutional projects and grassroots innovation * Educational Infrastructure: Provide guidance and resources for newcomers to the cryptocurrency space * Regional Expansion: Leverage growth in Brazil to drive broader Latin American adoption Ambassador Network and Specialized Expertise Gui is also making a big push to expand the Base community via ambassador programs that taps into specialized knowledge areas. These include: * Ambassador Program: Curated selection of regional experts and thought leaders * Builder Network: Direct support system for developers and technical contributors * Creator Economy Focus: Specialized guidance for content creators and digital entrepreneurs * Knowledge Exchange: Facilitated learning between experienced and emerging participants Community Engagement Strategy Base brings a multi-channel approach to community development, combining digital presence with direct engagement opportunities. This includes a big focus on in-person events and virtual programming, an aggressive social media presence with active content distribution on social networks, a buzzing Discord community and open collaboration with participants from other blockchain ecosystems. I really enjoyed this conversation with Guilherme and I hope you do as well. You can connect with him on X/Twitter. Be sure to follow Based Brasil on X as well, and join the Base Brasil Discord server to follow this exciting ecosystem. Have a great week everyone, -AWS Brazil Crypto Report is presented by Avenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT. Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain. https://avenia.io/ P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain. Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no hidden fees. You can easily use P2P.me to pay PIX QR codes in Brazil using your USDc balance. Topup, scan and pay. Visit br.p2p.me to get started and earn $50 per operation limit. Recent Episodes Get full access to Brazil Crypto Report at newsletter.brazilcrypto.io/subscribe