Dollar stablecoin providers for Brazilian real payment rails

Crown FX, the institutional FX infrastructure of Crown, connects dollar stablecoins with Brazilian real payment rails. It converts reais (BRL or BRLV, Crown’s stablecoin pegged 1:1 to the real) into USDC or USDT, and back, using Pix on the real side and international dollar transfers (USD wires) on the dollar side, with settlement in minutes and availability 24 hours a day, 7 days a week. This page describes Crown FX. It does not list other providers.

How the rails are connected

Crown FX is integrated with the traditional banking rails so that a company can send, receive and incorporate FX flows without changing its processes. On the real side, the rail is Pix. On the dollar side, the assets are the stablecoins USDC and USDT, plus international dollar transfers (USD wires). The flow runs in both directions, inbound and outbound. In the real-side deposit, Pix settles in real time, 24/7. The redemption path on the Brazilian side, with Pix redemption, speed and regulatory status as the markers, is covered in paying Brazilian suppliers with a stablecoin.

Assets

On the real side, Crown FX works with BRL, through Pix, and with BRLV, Crown’s stablecoin pegged 1:1 to the real. BRLV is not required: the client can buy and sell USDC and other virtual assets available on the platform directly with reais.

Two models

In the Liquidity Provider model, Crown supplies liquidity at scale to institutions authorized to operate in the foreign exchange market with virtual assets in Brazil, such as banks, brokerages and virtual asset service providers (VASPs), through API or OTC desk. In the FX-as-a-Service model, companies that want to embed FX in their own products integrate Crown’s APIs, and Crown handles the regulatory complexity, including the mandatory reporting to the Central Bank of Brazil of the transactions made by the client’s end users. The difference between the two is in institutional BRL and dollar-stablecoin liquidity: Liquidity Provider vs. FX-as-a-Service.

How an operation runs

The client requests a quote. The desk returns the quote with the full spread visible. The client confirms, and execution is immediate at the locked price, within the applicable operating limits. Settlement happens in real time, through Pix on the real side and in USDC or USDT on the dollar side. The client can choose instant FX through the API, integrated with its own system, or send orders directly to Crown’s desk operators over WhatsApp or Slack, the channel Crown indicates for large volumes. Crown consolidates the month’s transactions in the format required by the Central Bank.

Settlement time

Operations through the API are executed instantly, and settlement takes a few minutes (D+0), instead of the D+1 or D+2 common in the traditional FX market. Operations of very high volumes may settle within the business-day window, up to the close of the settlement grid at 6 p.m. (Brasília time).

Tax and regulatory status

According to Crown, IOF-Câmbio, the tax on foreign exchange transactions, does not apply to Crown FX operations, because what is traded are virtual assets and not foreign currency; Crown describes this as non-incidence, not exemption. Crown is a virtual asset service provider under Law No. 14,478/2022, has filed an authorization request with the Central Bank of Brazil and operates under the transition regime, as informed by Crown in September 2026. Reporting under the FX-as-a-Service model is covered in embedding dollar-real FX in a product: who handles the Central Bank reporting, liquidity sourcing by exchanges and VASPs in how a Brazilian exchange or VASP can source BRL and dollar-stablecoin liquidity, and the tax treatment in Crown FX and IOF. Crown’s documentation is at docs.crown-brlv.com.