Brazil Crypto Report #179: BRL Stablecoin Deep Dive with Rodrigo Trindade of Iporanga Ventures
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Dec 31, 2025 
Rodrigo Trindade, an investor and researcher at Iporanga Ventures, dives into local stablecoin adoption in Brazil and Latin America. He shares insights from his custom tracking dashboard monitoring on-chain metrics like supply and transaction volumes. Rodrigo discusses the crucial role of local stablecoins in fostering functional financial systems, particularly in B2B payments and credit solutions. He highlights the need for transparency and liquidity, and anticipates opportunities in yield-bearing products, with a vision for evolving on-chain financial markets.
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Market Data Vacuum Sparked Dashboard
- Rodrigo built a weekly on-chain dashboard because no reliable market data existed for local stablecoins in Latin America.
- He positioned the dashboard as a primary source for measuring supply, holders, volume, and DeFi activity.
Pick Metrics By Business Model
- Choose metrics that map to the business model: volume for payments, supply for yield-bearing products, and swap transactions for FX/card flows.
- Use transaction size bands to infer retail vs institutional activity and validate use cases.
Shift Toward B2B And Institutional Use
- Local stablecoins in Brazil have shifted from retail on/off‑ramp use to mostly B2B and institutional payments.
- Exchanges use BRL stablecoins for settlement and companies hold reserves on‑chain instead of banks.