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Global interest in the tokenized real grows amid the dispute for stablecoins, Brazilian interest rates, and new rules for virtual assets, while blockchain companies advocate for continuous financial operations and regulators assess the risks of transforming national currencies into digital payment instruments.
The real gained ground in the global debate on stablecoins and tokenization after executives from the Solana Foundation and Binance advocated in São Paulo for the use of the Brazilian currency in blockchain environments to expand foreign investors’ access, reduce operational costs, and enable continuous financial transactions.
The discussion took place at the panel “Digital Infrastructure: from the real to on-chain,” held on May 15, during São Paulo Innovation Week 2026, in a meeting with representatives from the Central Bank, Binance, and the Solana Foundation on the BeInCrypto stage.
The central point was the possibility of transforming the real into a more present currency in global digital networks, through stablecoins and tokenized assets, in a movement that follows the expansion of blockchain-based financial infrastructure.
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Tokenized real enters the global radar
For years, dollar-backed stablecoins concentrated most discussions about private digital money, especially due to the liquidity of the American currency and the presence of global issuers like Tether and Circle.
In recent months, however, currencies from other countries have started to be analyzed more closely by crypto sector companies, banks, fintechs, and regulators, as investors seek digital alternatives for payments, settlement, and exposure to different economies.
Antonio Neto, head of the Solana Foundation for Latin America, stated that the organization sees room for the real to circulate more strongly in blockchain networks, especially in operations between large economic groups and institutional investors.
“We also want the real as a global currency. What we have noticed is that within these environments, large groups can circulate this money more efficiently,” said Neto, advocating for the presence of the Brazilian currency in on-chain structures.
The Solana Foundation is linked to the Solana ecosystem, a blockchain network used for decentralized financial applications, token issuance, and digital transactions, and is among the main projects in the sector by market value.
Brazilian interest rates increase foreign interest
Foreign interest in the real also involves Brazil’s interest rate differential, according to Thiago Sarandy, general manager of Binance in the country, who pointed out the remuneration of Brazilian fixed income as one of the attractions for international investors.
In the executive’s assessment, the current structure still imposes significant barriers for those seeking exposure to the Brazilian currency through traditional channels, which may limit access of some foreign capital to the local market.
“There is interest in the Brazilian interest rate, but for a global investor to have access, they need a structure of at least R$ 3 million. So we view the tokenization of the real positively,” said Sarandy.
In this context, tokenization could allow for smaller investment fractions, faster settlement, and operation outside traditional banking hours, although any progress depends on clear rules and controls against financial risks.
Besides access to international investors, the debate included the efficiency of corporate and financial operations, as public or permissioned blockchains allow for real-time recorded transactions and uninterrupted operation.
Blockchain pressures 24-hour financial operations
Sarandy also stated that traditional financial infrastructure needs to adapt to an environment where investors seek liquidity outside business hours, including on weekends and holidays, when regulated markets are usually closed.
“When I look to buy crypto in an investment fund, I can only see the pricing after a day and can only buy before 2 PM. If there is a war on the weekend, I can’t exit,” said the executive.
In a statement to Estadão E-Investidor on the same panel, Sarandy summarized the trend by saying that “people will use blockchain without even realizing it,” when discussing the gradual integration between conventional financial services and decentralized networks.
The statement reflects a common view in the crypto sector: the technology may start to operate behind the scenes of payments, investments, and asset settlement, without requiring the end user to interact directly with complex digital wallets.
Even so, market participants recognize that expansion depends on operational security, governance, integration with regulated institutions, and rules capable of separating legitimate applications from uses related to fraud, evasion, or money laundering.
Central Bank adjusts crypto regulation in Brazil
In November 2025, the Central Bank published new regulations for the virtual assets market, including rules for service providers, authorization requirements, and the classification of certain operations with crypto assets under foreign exchange and international capital standards.
The measures are part of the implementation of the legal framework for crypto-assets, approved in 2022, and will be enforced in stages throughout 2026, with obligations related to authorization, information reporting, governance, internal controls, and crime prevention.
In the case of stablecoins, the Central Bank has indicated a more cautious approach because these assets can effectively function as a payment instrument, especially when tied to fiat currencies and used in international transfers.
Nagel Lisânias Paulino, division chief in the Central Bank’s Regulation Department, stated in the panel that stablecoins appear to be closer to payment methods than investment instruments.
According to a report published by Estadão E-Investidor, Paulino also said that the regulation tied stablecoins to fiat currency references due to the need for specific treatment for digital assets used in payments and transfers.
IOF on stablecoins remains under debate
The possibility of charging IOF on stablecoin operations remains among the most sensitive topics for industry companies, tax specialists, and investors, especially when these assets are used in currency-referenced transactions.
Although the debate has advanced with the Central Bank’s regulations, there are still discussions about the tax scope of the rules, the timing of tax incidence, and the difference between a traditional currency exchange operation and the transfer of a virtual asset.
Sarandy stated that the risk of “inadequate taxation” concerns the sector and cited India as an example of a market where stricter tax rules have led part of the operations to decentralized environments.
“The great risk that derives from stablecoin and virtual asset as a whole is inadequate taxation. In India, the 1% tax ended the market, and everyone moved to the decentralized market,” said the Binance executive.
Subsequently, he emphasized that taxing virtual assets requires caution and mentioned hacker attacks in decentralized finance as an additional risk when users migrate to structures outside regulated platforms.
Stablecoins pegged to the real still seek scale
Despite the enthusiasm of global companies, stablecoins pegged to the real still have a smaller presence compared to tokens tied to the dollar, which concentrate liquidity, trading pairs, and acceptance on international exchanges.
The challenge for a private digital currency referenced in the real involves liquidity, trust in the issuer, transparency of reserves, regulatory compliance, integration with financial institutions, and real demand for payments or investments.
For proponents of tokenization, Brazil has relevant conditions due to its digitized financial system, sophisticated capital markets, experience with instant payments, and active regulatory discussion on virtual assets.
On the other hand, regulators tend to observe risks related to financial stability, consumer protection, controls against financial crimes, and the potential replacement of formal payment channels by private digital circulation instruments.
The dispute around the on-chain real, therefore, is not limited to technology.
It involves the ability to transform external interest, legal security, and regulated infrastructure into financial products that work for investors, companies, and monetary authorities.
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