Wrapped BRLY

Wrapped BRLY (wBRLY) is an ERC-4626-compliant vault token within the Crown Digital ecosystem, designed for institutional custody and accounting. It is created by depositing BRLY (Yield Bearing BRL) into a tokenised vault, and represents a claim on both the principal and accumulated yield of the underlying BRLY. Unlike BRLY, which uses a rebasing mechanism, wBRLY accrues value through a rising share price relative to BRLY.

This structure allows institutions to track yield through changes in price per share rather than changes in token balance, making it suitable for custody platforms, treasury systems, and other environments that require accounting clarity. wBRLY runs on Base, an Ethereum Layer 2 network, and is fully backed by BRLY, which is itself collateralised by Brazilian sovereign debt.

wBRLY is used primarily by institutional investors and custodians who require a BRL-denominated digital asset with predictable value accrual and simplified reporting. It is built for use cases where traditional rebasing behaviour can cause operational or compliance issues.

The token accrues yield by increasing its share price over time, reflecting the yield generated by the underlying BRLY. This design allows wBRLY to maintain a stable token balance in user accounts, while the token’s value appreciates as interest is passed through. It supports use in institutional treasury operations, DeFi vault aggregators, and compliant token custody frameworks.

wBRLY was created by Crown Digital, a company focused on building compliant digital infrastructure for BRL-denominated finance. The company was co-founded by:

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

Crown Digital operates within the framework of Brazil’s virtual asset regulation, with a focus on full collateral backing, transparency, and risk-segregated structures.