Stablecoins and new rules: why price stability is not a safety guarantee

Stable relative to what?

Stablecoins are digital assets designed to track a reference, usually the US dollar. They can support transfers, trading and on-chain applications, but “stable” describes an intended price behavior. It does not mean every issuer, reserve, platform or redemption route carries the same risk.

The BIS notes that stablecoins may add speed and programmability to payments while also raising financial-integrity, reserve and scale challenges. For beginners, the useful rule is simple: before looking only at a ticker, understand who issues it, how it can be redeemed and which network it uses.

What changed in Brazil

Brazil's Central Bank published Resolutions 519, 520 and 521 to organize authorization and provision of virtual-asset services, including rules for certain foreign-exchange and international-capital operations. Resolution 520 defines a fiat-referenced virtual asset, or stablecoin, and addresses virtual-asset service providers.

Regulation does not make a token risk-free or replace personal research. It establishes obligations for providers within the regulated scope, including transparency, governance, internal controls and anti-money-laundering measures.

Reserve and redemption checklist

Issuer: identify the company and jurisdiction. Reserve: look for reports, methodology and date. Redemption: check who can redeem directly, in which currency and under what fees or limits. Platform: understand whether you use an exchange, wallet or protocol and which rules apply to each.

The network still matters

The same stablecoin name can exist on several networks. Before sending, verify asset, network, address and fee. A value close to USD 1 does not prevent loss from a network error, scam, high cost or operational restriction at a third-party service.

Sources: BIS Annual Economic Report 2026; Banco Central do Brasil, Resolutions 519, 520 and 521. Reviewed on July 27, 2026.