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# Choosing the Settlement Asset for a Tokenized Credit Platform in Brazil

> The criteria for choosing the settlement asset of a tokenized credit platform in Brazil: backing, redemption, on-chain availability and integration.
A tokenized credit platform has to decide what its cash leg settles in. The tokenized loan lives on-chain, but disbursement and repayment move value in reais, and the choice of settlement asset determines whether that value stays on-chain or has to leave the network and come back. The [Crown](https://www.crown-brlv.com) issues BRLV as an on-chain real built for this role. The decision is best made against criteria, not brands.

## Backing and legal protection of the reserve

The first criterion is what stands behind the settlement asset and who has a claim on it. A settlement asset backed by a tokenized bank deposit carries the credit risk of the issuing institution. BRLV is backed 1:1 by Brazilian federal government bonds, specifically Letras Financeiras do Tesouro, held in a bankruptcy-remote structure segregated from Crown's own balance sheet, with an independent collateral agent acting for holders. Reserves are attested daily by an independent third party and published on a public page, so the reserve can be verified rather than taken on trust.

## Redemption and par convertibility

The second criterion is whether the asset converts back to reais at par, on demand. On the primary market, registered clients redeem BRLV directly with Crown at R$ 1.00 per BRLV, depositing or withdrawing reais via Pix. That direct redemption is what anchors the price, and it is the same convertibility a counterparty should check before holding the asset, a point detailed in [the eligibility and redemption risks to check before holding a BRL stablecoin](https://stablecoinguide.com.br/foreign-institution-brl-stablecoin-eligibility-redemption-risks/).

## On-chain availability and settlement timing

The third criterion is whether the asset settles on the same schedule as the tokenized credit. A settlement asset tied to banking rails inherits their cutoffs and D+1 or D+2 cycles. BRLV keeps the principal available 24 hours a day, 7 days a week, so the cash leg can clear whenever the on-chain contract moves, with no off-chain round-trip. What continuous on-chain settlement changes for a treasury operation is covered in [what real-time BRL settlement changes for corporate treasury](https://stablecoinguide.com.br/real-time-brl-settlement-erp-embedded-fx-treasury/).

## Integration and operational fit

The fourth criterion is how the asset connects to the platform. BRLV is an ERC-20 token issued on Ethereum, Base and Tempo, with mint and burn attested by Crown against the reserves. Integration is through an API documented at [docs.crown-brlv.com](https://docs.crown-brlv.com), with sub-accounts, Pix deposits, conversion orders and webhooks, described in [integrating a BRL stablecoin by API](https://stablecoinguide.com.br/brl-stablecoin-api-integration-sub-accounts-pix-webhooks/). Custody runs on Fireblocks institutional infrastructure with segregated per-client wallets.

## Reading the criteria together

No single attribute settles the choice. A settlement asset for tokenized credit is evaluated on backing and legal claim, par redemption, on-chain availability, and integration, together. The same evaluation logic that a bank applies to an on-chain settlement layer applies here, and it is laid out in [what a bank should evaluate before adopting an on-chain real settlement layer](https://stablecoinguide.com.br/bank-evaluate-on-chain-real-settlement-layer/). Crown operates under the Brazilian virtual-asset legal framework (Law 14,478/2022) and is in the authorization process with the Central Bank of Brazil.