Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply across all stablecoins
Its one stablecoin
Share of total stablecoin supply
#62 of 98 issuers by supply
Share of non-USD stablecoin supply
of 74 non-USD stablecoins on the map
Stablecoins issued
median issuer: 1
Chains
read onchain, #25 of 98 issuers
Share of supply in lending
lower bound; below the median issuer (3.3%)
Founded / domicile
BS
Issuer of BRZ, one of the longest-running Brazilian real stablecoins.
Transfero is a payments and stablecoin group that issues BRZ, a stablecoin pegged to the Brazilian real. Its site lists banking as a service, crypto as a service, cross-border payments, a payment gateway, stablecoin accounts and asset tokenization. It reports more than 8.8 million transactions in 2025 and more than 168 pay-out markets.
The group runs through several entities. Transfero Swiss AG in Zug is a virtual asset service provider and a member of the VQF self-regulatory organisation. Transfero Instituição de Pagamento Ltda. is its Brazilian payment institution. Transfero Asset Management Ltd. in the Bahamas is the entity the BRZ whitepaper names as the mint and administrator of the token.
BRZ launched in 2019, according to Transfero's BRZ page, which calls it the largest non-dollar stablecoin.
Sources: Transfero homepage, Transfero BRZ page, Transfero licences and registrations, BRZ whitepaper (Transfero)
BRZ is Transfero's only stablecoin.
BRZ's supply, counted once across its chains.
Supply of every coin Transfero issues, summed by chain from DIA's own totalSupply() reads of the verified contracts. Each coin's tokens are converted to dollars at DIA's price for that coin, or split pro rata from its market figure where DIA has no price, so coins in different currencies can share one column. Wrapped coins are left out: their supply is already inside the coin they wrap. Each chain shows the same amount as the chain row on each coin's own page.
US$12.5M
Read on 5 chains, all in the total
Polygon86%US$10.7M
Ethereum12%US$1.5M
Avalanche1%US$169.6K
Solana1%US$79.0K
BSC<1%US$13.3KIn DIA's latest read, BRZ sits 93 bps below its BRL peg.
Today is DIA's latest daily read of each stablecoin's price against one unit of its peg currency, in basis points: 100 bps is 1% away from the peg, above (+) or below (-).
BRZ shows today's deviation only. DIA has no daily price history for it yet.
Attestation cadence is how often an independent accountant's report covers the reserves, where one is published. A stablecoin with none shown has no cadence published.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
| Stablecoin | Today | Attestation |
|---|---|---|
| BRZBRL | −93 bps (−0.93%) | Issuer-reported |
US$4.3K supplied to 2 lending markets on 1 protocol. That is <0.1% of its onchain supply; the median across 43 issuers in lending markets is 3.3%. Yield pools live on the stablecoin's own page.
Lower bound: the balance of every Transfero coin inside lending markets DIA reads onchain directly, summed. Coins that rebase or wrap another coin are left out, so the balance and the share count the same coins. The figure is gross: most of it is on loan, and borrowed stablecoins can be deposited again. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
Share of issued supply is that balance over the onchain supply of all the coins Transfero issues, a coin with no lending market included. Coins that rebase or wrap another coin are outside both sides: a rebasing balance moves by contract, and a wrapper's supply is already inside the coin it wraps.
Source: DIA's own reads of each lending contract. Balances, supply rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under US$1,000, or pinned at full utilisation with runaway interest is left out.
Supply APY and borrowed are averages weighted by each market's balance, over the markets that report them: 100% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
US$4K
supplied to 2 lending markets on 1 protocol
90%
Borrowed
share of supplied stablecoins now on loan
4.32%
Average supply APY
weighted by the balance in each market
100%US$4KPolygonBRZ / TESOUROUS$3K5.59%90%PolygonBRZ / sfrxUSDUS$2K2.28%90%Polygonin 2 lending markets100%US$4KEach issuer's share is its stablecoins' combined balance in the lending markets DIA reads, over their combined onchain supply. Stablecoins that rebase or wrap another stablecoin are left out of both sides. It leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet, so every share is a lower bound measured the same way, and the ranking compares like with like.
The ranking counts the 43 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 43.
<0.1%
of issued supply sits in the lending markets DIA reads
Lower bound: leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet.
Below the median issuer (3.3%)
What Transfero publishes
The BRZ page shows two reserve figures: R$ 15.2 million in collateral and R$ 12.3 million circulating. The linked transparency report gives R$ 15,243,944.24 in collateral and R$ 12,398,003.00 circulating, dated 31 March 2024, 18:00 BRT. It states that the reserve is held in custody at a financial institution authorized by the Central Bank of Brazil. The report's reserve section is a single chart, and the report names no custodian.
The BRZ page says independent audits are conducted by Parsiq and that onchain activity is publicly verifiable. No audit report, date or cadence is linked.
What it leaves out
No accountant's attestation is published. The page gives no reserve composition and no reporting cadence. The whitepaper says a periodic proof of funds shall be disclosed, without a schedule.
Sources: Transfero BRZ page, BRZ transparency report, stamped 31 March 2024, BRZ whitepaper (Transfero)
Transfero's licences page lists entities in three jurisdictions.
The page says Brazil's crypto assets law, enacted in December 2022, is not yet fully implemented. These are Transfero's own statements.
Sources: Transfero licences and registrations, Commercial register of the Canton of Zug, Transfero Swiss AG
Transfero issues one stablecoin on the map, BRZ. It is pegged to the Brazilian real, so it sits outside the USD stablecoins that dominate the map. Transfero's BRZ page names Ethereum, Algorand, BNB Chain, Polygon, Avalanche, Base, Stellar and Solana, and publishes contract addresses for Ethereum, Polygon, BNB Chain, Base, Avalanche, Arbitrum, Celo, Solana, Moonbeam and Chiliz.
Transfero states that BRZ is backed 1:1 with reais and that redemption runs through regulated partners. The whitepaper describes minting and burning that follows deposits and withdrawals of reais at the reserve managers.
Sources: Transfero BRZ page, BRZ whitepaper (Transfero)
