Yield Bearing BRL
BRLY

Yield Bearing BRL

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BRLY

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Launch Date
2025-07-03
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Yield Bearing BRL

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brl.xyz
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About Yield Bearing BRL

Yield Bearing BRL (BRLY) is the core infrastructure token of the Crown Digital stablecoin ecosystem. It is a rebasing digital asset pegged to the Brazilian real and fully backed 1:1 by BRL-denominated sovereign debt, including Tesouro Selic and LFTs. Designed to generate and pass through yield, BRLY implements a daily on-chain rebase mechanism tied to a fixed percentage of the CDI rate, subject to a minimum collateral buffer to maintain full backing. BRLY is not used directly by end users but underpins BRLV and wBRLY, which serve different functional roles in payments and institutional custody. The token operates on Ethereum Layer 2 (Base) and uses a modified ERC-20 standard. Created by Crown Digital—a Brazil-based firm focused on compliant digital financial infrastructure—BRLY is structured to enable yield distribution without triggering securities classification under Brazilian law, supporting transparency, compliance, and institutional-grade reserve management.

Yield Bearing BRL (BRLY) is the foundational token of the Crown Digital stablecoin ecosystem. It is a rebasing, yield-bearing digital representation of the Brazilian real (BRL), fully collateralised by BRL-denominated sovereign debt such as Tesouro Selic and Letras Financeiras do Tesouro (LFTs). BRLY operates as an infrastructure token that underpins other assets in the system—namely BRLV and wBRLY—and is not intended for direct use by end-users.

The token implements a daily on-chain rebasing mechanism tied to a portion of Brazil’s CDI rate. This design enables BRLY to pass through yield generated by its underlying collateral without being classified as a security under Brazilian regulation. The rebase only occurs if the total collateralisation ratio remains above a safety buffer, preserving full 1:1 backing at all times. BRLY is deployed on the Ethereum Layer 2 network Base and uses a modified ERC-20 standard.

BRLY serves as the base collateral token in the Crown ecosystem. It is the source of yield for other tokens such as BRLV (a stable, non-rebasing transactional token) and wBRLY (an ERC-4626 vault token for institutional custody). BRLY itself is typically only held by smart contracts rather than individual users.

Its main function is to accumulate and distribute a portion of the yield generated by the ecosystem’s reserve assets. Through its rebasing mechanism, the token supply is automatically adjusted to reflect accrued yield up to a predefined “Threshold” rate (initially set at 97% of the CDI). This value accrual is then either passed directly (in the case of BRLY), redirected (as in BRLV), or reflected in share price (as in wBRLY).

BRLY was created by Crown Digital, a Brazil-focused digital asset infrastructure firm. Crown was co-founded by:

  • John Delaney (CEO & Co-founder) – Former international finance lawyer and Web3 operator.
  • Vinicius Correa (Principal Engineer & Co-founder) – Former Nubank engineer and co-founder of Pipo Saúde.
  • Alex Gorra (Founding Partner & Head of Ecosystem) – Financial executive with experience at JP Morgan, Rothschild, and UBS.
  • Bruno “BL” Passos (COO) – Specialist in compliance, operations, and infrastructure, previously at Hashdex and Polo Capital.

Crown Digital operates under the framework of Brazilian virtual asset regulation, with a strong focus on collateral transparency, compliance, and institutional security standards.