Mobile-First Blockchain Celo Launches Stablecoin Tied to Brazilian Real

As of Thursday, three Brazilian crypto exchanges will list the cREAL.

AccessTimeIconJan 27, 2022 at 12:00 p.m. UTC
Updated May 11, 2023 at 5:58 p.m. UTC

Phone-focused blockchain Celo launched cREAL, a stablecoin pegged to Brazil's local currency, the real.

As of Thursday, cREAL will be available on Brazil-based crypto exchanges Ripio, FlowBTC and NovaDAX. Crypto wallets Bitfy and Coins will also support the stablecoin.

NovaDAX users will be able to spend cREAL with the prepaid crypto card issued by the crypto exchange. Bitfy customers will be able to use the cREAL throughout the Cielo network, Brazil's largest credit and debit card operator, the company said in a press release Thursday.

The cREAL was proposed and then approved by the owners of Celo's native digital asset CELO and governors of the blockchain, Celo's co-founder and Celo Foundation President Rene Reinsberg told CoinDesk.

Celo, a proof-of-stake and open-source blockchain, already has cUSD and cEUR stablecoins, pegged to the U.S. dollar and the euro respectively.

"There was a lot of excitement for crypto in Brazil," Reinsberg said. "But specifically in the Celo community, we have seen a lot of teams built on Celo, integrated with Celo, using cUSD. From the outset, Brazil was obviously one of the strongest markets in terms of adoption."

According to Celo, cREAL works as a decentralized, crypto-collateralized algorithmic stablecoin that can be used for decentralized (CeFi) and decentralized finance (DeFi) apps and services on the Celo blockchain, such as the lending protocol Moola Market, the decentralized exchange Ubeswap or Valora, a mobile-first digital wallet native to the Celo network.

"The rate of cryptocurrency adoption in high-growth markets – in particular Brazil – not only signals growing excitement for this new digital economy, but the advance of real-world use cases," Celo Foundation’s Latam lead Camila Rioja said in a statement.

Brazilians are turning to cryptocurrencies and, in particular, stablecoins amid record inflation and a devaluation of their local currency. According to Receita Federal, the Brazilian tax authority, between January and November 2021, locals traded $11.4 billion in stablecoins and almost tripled the total traded in 2020.

Looking to take advantage of that crypto boom, several global exchanges, including Binance, Coinbase and see the country as Latin America’s main market in 2022.

In Brazil, Celo currently supports projects such as ImpactMarket, a universal basic income program built on its blockchain that delivered blockchain-based aid to 10,000 beneficiaries in the Latin American country up to now, Reinsberg said.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Andrés Engler

Andrés Engler was a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.