Markets / Brazil

This is Brazil.

Latin America's largest government bond market, onchain.

Etherfuse issues TESOURO onchain, a tokenized claim on Brazilian federal treasury bonds, from the deepest sovereign debt market in the region and one of the highest paying we operate in.

View the instruments →Read the Brazil analysis

Dom Pedro

TESOUROLive

Token yield

Live rate

BRL denominated · Treasury bonds

BRAePre-launch

Redemption

1 : 1

BRL token · Backed by TESOURO

Token yield

Live rate

TESOURO APY, pulled from the API

Sovereign rating

Ba1 / BB / BB−

Federative Republic of Brazil · Moody's / S&P / Fitch

Chains

Solana, Polygon, Base, Stellar, Monad

Chains TESOURO runs on today

USD ↔ BRL

Coming soon

Coming: FX
The asset is already here.

Brazil already runs on instant bank payments. Etherfuse is bringing BRL on and off ramps to that rail, so crypto can be converted and deposited to a bank account in one inexpensive step.

Ramp pricing

40 bps

BRL on and off ramp, at launch.

Token swaps

20 → 5 bps

TESOURO token swaps, falling by volume.

Corridor

2nd

On the same API, after Mexico.

Pricing as published in the support centre. Volume tiers apply.

The asset is live today. The rail is what is being added. When Etherfuse ramps open, a Brazilian business can move between reais and stablecoins without a correspondent bank in the middle, and hold the balance in treasury bonds instead of leaving it flat.

Settlement that earns

Balances between transactions hold sovereign yield in BRL rather than sitting flat.

Local currency, onchain

A BRL denominated instrument keeps the corridor in one currency from end to end.

One integration, two markets

The same API already runs the Mexican corridor. Brazil is the second rail on it, not a separate build.

Talk to the team →Read the docs

Brazil pays above its score.

Brazil scores 2 out of 5 on the Etherfuse sovereign model, the lowest of any market we issue in. Inflation is down, the real has appreciated and the central bank has started cutting. Government debt and the current account are what hold the score back. It also pays one of the highest yields of any market we operate in. All of that is true at once.

Etherfuse sovereign score

2of 5

Etherfuse sovereign score, August 2026.

Annual inflation

4.72%Falling

Down from 5.35% a year earlier.

The real vs the dollar

+7%

Appreciation over the year.

Government debt to GDP

77%

The weakest component in the model.

Figures per the Etherfuse country scoring note, August 2026.

Caveat

Government debt scores minus one. At 77% of GDP in an election year it is the only negative component in the model, and until it falls the score stays low.

0.25%The rate cut the central bank made in June

9.69%Average Brazilian ten-year yield above the US, first half of 2026

Brazil runs the biggest government bond market in Latin America and pays one of our highest yields. We publish the score that explains why.

The instruments

Brazil's treasury bonds, tokenized. And a real that holds them.

The instrument the local market already trusts, opened up.

TESOUROLive

TESOURO: Brazilian government bonds, tokenized

Sovereign debt, tokenized. Income accrues into the token's value. No coupon, no maturity date for you.

TESOURO is backed by Brazilian federal government bonds held in custody at B3, Brazil's central securities depository, and represented onchain at net asset value.

Backed by

Held in regulated custody with named institutions. Reserves attested monthly by a third-party firm and published.

Liquidity

No lock-up. Redemption is instant within the liquidity float and T+1 beyond, during market hours.

Access

No minimum and no institutional ticket. Buy any amount from the app.

Token APY is BRL-denominated and differs from the reference rate. NAV may rise or fall.

Live rate

Token yield, pulled from the API

Market reference

13.56% p.a.
Tesouro Prefixado 2027 (LTN, mat. 01 Jan 2027)

View TESOURO in the app →Read the structure

Read first

TESOURO is a claim on Brazilian federal treasury bonds. It earns what those bonds earn, and its value moves with them. It is not a stablecoin and it does not hold a fixed value of one real. Read the structure before the rate.

BRAePre-launchPrincipal token

A real token, held one to one, backed by treasury bonds rather than by bank deposits.

A Brazilian real token issued by Etherfuse. Each unit is backed by TESOURO held in a vault and redeems one to one against the real. The bonds behind it accrue, and that accrual stays with the vault rather than passing to the holder.

Backing

TESOURO held in a vault

Currency

BRL

1 : 1

Redeems against the real

Yield to holder

None. Accrual stays with the vault

Talk to the team →

Who this is for

What people use this for.

Savers

Hold the government's own paper onchain, where it can move and redeem in minutes during market hours instead of sitting locked in an account.

Open the app →

Treasuries and funds

Sovereign yield in BRL, accruing into the token's value and held onchain.

Talk to the team →

Payment platforms

Hold BRL balances in treasury bonds between settlements instead of leaving them flat.

Talk to the team →

Builders

A BRL denominated yield asset to build products around.

Read the docs →

Challenging markets are the product.

Anyone can tokenize a US Treasury. We issue where the regulation is dense, the currency is local, and the counterparty has to be a domestic institution. Brazil is the same argument as every other market we operate in.

Mexico, Kazakhstan, Europe, the United Kingdom, the United States.

See all markets →Talk to the team

Local institutions

We work with domestic managers under domestic supervision, not offshore wrappers.

Local paper, local currency

The instrument is denominated in the currency the market actually earns and spends in.

We publish the score

Every market we issue in gets scored the same way, including the ones that score badly.