Crown BRLV

The whitepaper lists Base contract 0xd2047ebdb205Ee6862b69ae9fB3501652cC97d36 and Ethereum contract 0xd7Ca0e2C36d647446b782D1b72308E598373E2F5. The first reports High Velocity BRLY and held 373,841,758.352829905157127293 units; the second reports Bridged BRLV and held 24.5 on the review date.

This distinction excludes other BRL tokens with the same currency theme. It also corrects an official attestation error: the report calls its network Base while linking the Ethereum address.

BRLV does not rebase. Underneath it, BRLY adjusts with a threshold tied to 97% of CDI when collateral checks pass. Reserve accrual belongs to the structure; qualifying users may receive separate rewards, but ordinary BRLV carries no right to bond income.

The 31 August 2026 Fact Finance report states R$378,063,743 tokens against R$380,315,618.44 reserves, a R$2,251,875.44 excess and 100.60% ratio. It lists Brazilian Treasury bonds, Treasury ETFs and R$60.21 cash.

This is useful dated evidence, but the table replaces financial-institution names with dashes. It does not publish account identifiers, SELIC/B3 lien records or a token-by-chain reconciliation, and its contract link is mislabeled. “Audit” on the website should therefore be read as Crown’s description of a third-party attestation, not a full financial-statement audit.

The reserve mandate still carries Brazilian sovereign, interest-rate, valuation, custodian and operational risk. One BRLV targets one nominal real; it does not preserve foreign-currency purchasing power.

The 27 April 2026 terms divide issuance by tax residence. Crown BR issues to Brazilian residents; Crown (BVI) Ltd. issues to nonresidents. Crown BR remains the custodian and intermediary. The applicable subscription record tells each user which entity issued their balance.

Crown says it is applying for BCB authorization as a virtual-asset broker and operates under a transitional regime. That is a current operating claim, not completed authorization.

Only an approved user in good standing can use subscription and redemption services. The terms say they create no contract with an unapproved person. Secondary-market possession and Crown’s contractual redemption right are therefore not automatically identical.

Krona Two S.à.r.l., a Luxembourg SPV, is the guarantor holding Brazilian reserve accounts. The terms name Banco Genial as reserve custodian, Fireblocks as token custodian and Vórtx Serviços Fiduciários Ltda. as security agent and fiduciary holder of liens for BRLV holders under the stated structure.

A valid standard redemption left unprocessed beyond its applicable deadline, without a recognized justified or regulatory cause, can constitute default. If that default remains uncured for fifteen business days, reserve enforcement can become available; the terms require verification by competent counsel rather than treating this redemption-default event as automatic. Users submit identity, wallet and ownership evidence. If Crown is unable or insolvent, they may contact Vórtx and also notify the guarantor.

The claim is limited to matching reserve assets. It excludes Crown equity, intellectual property, reserve yield, lost keys, uncovered market loss, reward balances and noncovered products. BRLV has no FGC deposit insurance.

The Base address is a UUPS proxy whose review-date implementation was 0x1750731729b27cfd00ea55bc61e9dcfade2273f3. Verified code assigns separate minter, burner, pause, claim, upgrade and default-admin roles. A burner can destroy tokens from a named address; pause stops all movements; BRLV transfers also reject addresses blocked in underlying BRLY.

An upgrade role can replace that logic without changing the token address. The issuer-attestor model also manages chain supply rather than using a permissionless bridge. Public holder balances therefore depend on Crown’s operational controls as well as reserve assets.

Primary minting takes BRL and wraps BRLY; primary redemption burns the underlying tokens and targets BRL settlement. Instant service is conditional. Standard fees are referenced to a table or pre-trade quote, but the legal terms do not freeze a numeric fee—an important cost disclosure boundary.