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
24.6% of BRL stablecoin supply · 2nd of 5 BRL stablecoins with supply
Peg today
below 1 BRL
Chains
2nd of 5 BRL stablecoins read on chain · median 4
Holders on Ethereum
Share of supply in lending
at least
BRZ is a BRL stablecoin issued by Transfero, launched in 2019.
BRZ is a Brazilian real stablecoin issued under the Transfero brand, redeemable one to one for reais according to the issuer.
The BRZ whitepaper, linked from Transfero's BRZ page and included in its transparency report, names Transfero Asset Management Ltd., incorporated in the Bahamas, as the entity behind the BRZ mint. Transfero's licences page states that this company is authorized by the Securities Commission of The Bahamas to operate as an asset management company.
On 2 October 2026 the contracts Transfero lists for BRZ held about seven times the circulating figure shown on its BRZ page, and the risks section below sets out that gap.
Sources: Transfero BRZ page, BRZ whitepaper (Transfero), BRZ transparency report, stamped 31 March 2024, Transfero licences and registrations, Blockscout, BRZ on Ethereum, Blockscout, BRZ on Polygon, BscTrace, BRZ on BNB Chain, Avalanche Explorer, BRZ on Avalanche, Blockscout, BRZ on Base, Solana FM, BRZ on Solana
At least 68.5M BRZ in circulation, counting only the chains DIA could read.
DIA holds no verified contract address on Stellar. The figure above is a floor.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across BRZ’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Share and rank are against the combined supply of the 5 active BRL stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
68.5M BRZ (US$12.5M)
24.6% of all BRL stablecoin supply, #2 of 5
Read on 5 chains. Not yet read on Stellar, so this is a floor.
Polygon 85.9% · other chains 14.1%
Polygon58.8M BRZ · 85.9%
Ethereum8.2M BRZ · 12.0%
Avalanche930.8K BRZ · 1.4%
Solana433.3K BRZ · 0.6%
BSC73.2K BRZ · 0.1%Supply growth
What the 10 largest addresses are
Shares of the 10 largest addresses' balance, contracts included, from public address labels covering 61.1% of it. Exchange custody is one address holding for many end holders. Unattributed addresses have no public label.
Counted on Ethereum. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
Source: Blockscout.
346holders on Ethereum
| BRZ | |
|---|---|
| Top holder | 60.0% |
| Top 10 | 98.2% |
| Top 50 | 99.6% |
| Top 100 | 99.8% |
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
How far BRZ trades from its BRL peg, from DIA's daily price reads.
US$4.3K of BRZ is supplied to 2 lending markets on 1 protocol.
At least this much BRZ is supplied to lending markets DIA reads onchain, where it can be borrowed. The figure is gross: most of it is on loan, and a borrower can deposit borrowed BRZ again, so the same money can count more than once. Coins posted only as isolated collateral (Morpho-style) are not counted. Excludes DEX liquidity, CDP collateral, and chains or protocols DIA does not yet track.
Source: DIA's own reads of each lending contract. Balances, supply and borrow rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under US$1,000 of BRZ, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for BRZ.
The share of onchain supply is measured against a partial supply figure. DIA has not yet read Stellar.
Both figures are averages across markets, weighted by how much BRZ each market holds. A US$1B market counts a thousand times more than a US$1M one. Markets holding 100% of the balance report an APY.
US$4K<0.1% of supply read
supplied to 2 lending markets on 1 protocol
90%
Borrowed
share of supplied BRZ now on loan
4.32%
Average supply APY
weighted by BRZ balance in each market
By protocol
100%US$4KPolygonBRZ / TESOUROUS$3K5.59%90%PolygonBRZ / sfrxUSDUS$2K2.28%90%BRZ in lending markets, by chain, largest first. The bar is each chain's share of BRZ's lending balance.
Polygonin 2 lending markets100%US$4KTop 4 BRZ pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
0.79% | 5.34% | IncentiveIL riskVolatile | Polygon | +0.74% | US$354.8K | LP | ||
13.52% | 13.52% | IncentiveStable | Polygon | +13.43% | US$190.4K | Lending | ||
5.61% | 42.18% | LP fees · IL riskVolatile | Polygon | +0.00% | US$107.6K | LP | ||
20.00% | 20.00% | OrganicStable | Polygon | +0.00% | US$19.3K | Lending |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
BRZ in pool is BRZ's own side of the pool, at its USD price. Pool liquidity counts both sides.
US$417.4K of BRZ sits in 3 DEX pools across 2 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼BRZ in pool | 24h volume |
|---|---|---|---|---|---|
| BRZ / FRXUSD | Polygon | US$356.6K | US$293.8K | US$3.4K | |
| BRZ / USDT0 | Polygon | US$97.9K | US$83.6K | US$83.3K | |
| BRLA / BRZ | Polygon | US$49.0K | US$40.0K | US$64.0K |
BRZ is designed to be backed by cash and money-market assets.
Transfero states that "the BRZ is always redeemable in a 1:1 ratio for reais" and that "the BRZ reserve is held in custody at a financial institution authorized by the Central Bank of Brazil".
That custodian sentence attaches to the custodian rather than to the issuer. The institution is not named, so a reader cannot identify the counterparty holding the reserve, and the Central Bank of Brazil authorisation being cited belongs to that unnamed institution rather than to the token or the company issuing it.
A reserve report exists and it is dated. The report linked from the live BRZ page is stamped 31 March 2024 at 18:00 BRT and gives collateral of R$ 15,243,944.24 against circulating BRZ of R$ 12,398,003.00, so 123 percent collateralised at that date. The whitepaper says a periodical proof of funds shall be disclosed, without a schedule, and nothing newer than that report has been published. On 2 October 2026 that report is 30 months old.
Transfero states that "on-chain activity is publicly verifiable, with independent audits conducted by Parsiq". Parsiq is a blockchain data company. No accountant's attestation of the reais held in reserve is published.
Sources: Transfero BRZ page, BRZ transparency report, stamped 31 March 2024, BRZ whitepaper (Transfero), PARSIQ
Ethereum0x05539f02…9bf7c2d0blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), minterAllowance(address)eip1967-transparent0x0295afd3…b71b4914blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), minterAllowance(address)eip1967-transparent0x01d33fd3…190b1839blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), minterAllowance(address)eip1967-transparent0x4ed14111…4d2475dcblacklist(address), unBlacklist(address) +1paused()mint(address,uint256), minterAllowance(address)eip1967-transparentBRZbFNQDcW…aWdZp3JNfreezeAuthoritymintAuthorityRead from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can freeze · pause · mint · upgrade (proxy)
The issuer publishes its reserve composition itself.
Reserve attestation cadence
The issuer publishes reserve composition itself, without an independent accountant's attestation on a stated cadence.
Start with the quantity. On 2 October 2026 the ten contracts Transfero lists on its BRZ page held about 92.1 million BRZ, roughly seven times the R$ 12.3 million circulating figure on that page, which matches the report stamped 31 March 2024. The Ethereum contract alone held 14,005,000 BRZ, more than the issuer states is circulating across every chain combined. Nothing published reconciles the two figures.
Older contracts add to the confusion. Three BRZ contracts that use 4 decimals do not appear on Transfero's current list: on 2 October 2026 the ones on BNB Chain and Avalanche each held exactly 100,000,000 BRZ, and the one on Ethereum held 149,999,999.9997 BRZ. The listed EVM contracts use 18 decimals and the Solana mint uses 6. Anything summing raw contract values without reading decimals per contract is wrong by fourteen orders of magnitude on the 4-decimal legs.
Then the disclosure. The reserve report is 30 months old with no stated cadence, the custodian is named only as a class, and no accounting firm has attested the fiat leg.
Holdings are concentrated on the Ethereum contract. On 2 October 2026 Blockscout reported 325 holders and 4,558 lifetime transfers, with the largest holder at 41.50 percent of supply and the top four at 94.48 percent combined.
Transfero states that direct mint and redemption go through Transfero with KYC/KYB checks, and that redemption involves an onchain burn and BRL settlement through authorized channels, subject to processing times. Minimums and fees are not stated on the BRZ page.
Sources: Transfero BRZ page, BRZ transparency report, stamped 31 March 2024, Transfero, BRZ on Morpho (Polygon), 2 October 2026, Blockscout, BRZ on Ethereum, Blockscout, BRZ on Polygon, BscTrace, BRZ on BNB Chain, Avalanche Explorer, BRZ on Avalanche, Blockscout, BRZ on Base, Solana FM, BRZ on Solana, Blockscout, 4-decimal BRZ contract on Ethereum, BscTrace, 4-decimal BRZ contract on BNB Chain, Avalanche Explorer, 4-decimal BRZ contract on Avalanche
BRZ is issued under the Transfero brand. The BRZ whitepaper names Transfero Asset Management Ltd., incorporated in the Bahamas, as the entity behind the BRZ mint. Transfero's licences page states that this company is authorized by the Securities Commission of The Bahamas to operate as an asset management company.
Transfero states that onchain activity is publicly verifiable, with independent audits conducted by Parsiq, a blockchain data company. No accountant's attestation of the reais held in reserve is published. The reserve report that exists is stamped 31 March 2024, and nothing newer has been published.
Two answers, and nothing published reconciles them. Transfero's transparency report gives circulating BRZ of R$ 12,398,003.00 against collateral of R$ 15,243,944.24, at 31 March 2024. On 2 October 2026 the ten contracts listed on Transfero's BRZ page held about 92.1 million BRZ, roughly seven times that figure.
The issuer states BRZ is always redeemable one to one for reais and that the reserve is held in custody at a financial institution authorised by the Central Bank of Brazil. That institution is not named, so the counterparty holding the reserve cannot be identified, and the Central Bank authorisation being cited belongs to the unnamed institution rather than to the token or its issuer. Transfero states that direct mint and redemption go through Transfero with KYC/KYB checks. Minimums and fees are not stated.
5 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Counted on Avalanche on 1 Oct 2026 and on Polygon from 2 Oct 2026 to 5 Oct 2026. Those days are left out, so the line shows Ethereum only.
Source: DIA rebuild from onchain transfer history (to 11 Aug 2026), Block explorer holder counts (from 12 Aug 2026), Ethereum Updated
Source: DIA price feed Updated