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Brazil USDT Premium · peg-adjusted · daily fix
— raw premium — before dividing out the global USDT/USD rate
vs the ECB-derived USD/BRL reference rate
What does a digital dollar cost in Brazil? This index measures the gap between what USDT costs in reais on Brazilian exchange order books and the global dollar price converted at the reference exchange rate, every trading day. In Latin America’s largest crypto market the expected reading is close to zero — a near-parity number is the normal result, and deviations are the story. Sister indices: India USDT, India USDC, India Bitcoin, Korea USDT.
| Exchange | Mid (R$) | Best bid / best ask (R$) | Spread | vs index fix |
|---|---|---|---|---|
| loading… | ||||
Methodology v0.1.0 · DRAFT pending calibration and Owner sign-off. Values marked TO BE SET are filled from calibrate.py after roughly 44 hours of live capture; the version number does not change when they are filled, because filling them does not change how a fix is computed.
The Crypto Times Brazil USDT Premium Index (CTPI-USDT-SPOT-BRL) measures how much more (or less) a dollar stablecoin costs in Brazilian reais on Brazilian exchange order books than the global dollar price converted at the reference exchange rate, every trading day. Two numbers are published: the raw premium (real price of USDT versus USD/BRL) and the peg-adjusted premium (the headline), which also divides out USDT’s own small deviation from $1 so that only the Brazil-versus-world gap remains.
What to expect. Brazil’s capital account is comparatively open and its USDT books are deep, so the expected reading is close to zero. A near-parity number is the normal result and is itself information; deviations mark stress in real liquidity, on-ramp friction or local demand, and are worth reporting precisely because the baseline is quiet.
Fix window 09:30–10:30 BRT (10:00 ± 30 minutes), published at 10:31 BRT (13:31 UTC) by a systemd timer with Persistent=true; if the host is off through the window, the timer runs on boot, finds no samples and refuses to publish. No estimate is ever published in place of a missed fix; a missed or late fix is recorded in the corrections log as a publication-timing entry.
Why 10:00 and not noon. The ECB publishes its daily reference rates around 16:00 CET, which is 11:00–12:00 BRT. A noon window would close just as the same-day rate lands, and whether a given day’s fix priced against the same-day or the prior-day rate would depend on the ECB’s minute of publication and our collection lag. Closing the window at 10:30 BRT, at least thirty minutes before the earliest possible publication, means the fix always prices against the prior ECB business day’s rate — the same deterministic rule every index in the family follows. Its date is cited with every fix.
Official fixes are computed every Monday to Friday (BRT). Local public holidays do not pause the index: crypto trades every day, so a Brazilian public holiday is an ordinary fix day, priced against the ECB reference rate by the usual rule below. Weekend runs store an indicative point at the same fix time, measured against the last business day’s USD/BRL and marked distinctly on the chart.
The engine that computes this index also computes The Crypto Times India Bitcoin Premium Index, where the global leg moves inside the window; the family rule pairs each venue sample with the reference captured nearest to it in time (within 120 seconds; unpaired samples are counted and dropped, never estimated). For a stablecoin leg the pairing changes nothing materially, but one rule for the whole family is worth more than two.
r = venue_mid_brl ÷ usdtusd_ref — the USD/BRL rate implied by that venue’s USDT quote.r across its paired samples is the venue observation; the median two-sided real depth resting within ±TO BE SET bps of mid (stored bands: 50, 100) is the venue weight.TO BE SET two-sided. Exclusions are recorded in the fix’s provenance with the venue’s would-be value.R. A venue must supply real resting depth, not just a printed price, to move the fix.premium_pct = (R ÷ USDBRL − 1) × 100.raw_premium_pct = (observed_mid_median ÷ USDBRL − 1) × 100.value = R × usdtusd_ref (reais per USDT), where usdtusd_ref is the median of the references actually paired, so that value ÷ (usdtusd_ref × USDBRL) − 1 reproduces the headline premium exactly from the figures on the page.An official fix requires at least TO BE SET eligible venues, a publishable USD/BRL reference within the carry ceiling, at least one paired USDT/USD reference, and no existing official fix for that time. Officials are immutable once written; restatements go only through governance tooling and appear in the corrections log.
two_venue_aggregate; high_venue_dispersion when venue observations differ by more than TO BE SET bps; unpaired_samples(n); insufficient_venues on indicative fixes only.
Candidate venues at launch: Mercado Bitcoin, Binance, Foxbit, Bitso. NovaDAX, listed in the first draft, ended trading in Brazil at the end of June 2026 and was removed before any data was collected. Constituent status is set from measured order-book depth during calibration and reviewed against the family venue policy; the venue-status line and the per-exchange table state, every day, which venues the number includes and why any is excluded. Changes appear in the changelog.
Between fixes the page shows a 5-minute indicative reading computed with the same pairing and aggregation, against the USD/BRL rate in force at the sample. Past 15 minutes without a usable sample the live block shows STALE rather than a stale number. Indicative readings are never part of the daily fix series.
Besides the daily fix, the engine records one reading a day at 12:00 UTC — the same moment for every index in the family (09:00 BRT here) — computed exactly as above over 11:55–12:05 UTC (08:55–09:05 BRT), against the latest ECB reference captured before the window closes, which is always the prior business day’s rate. It exists so that a future multi-country composite can combine markets observed at the same instant rather than hours apart. It is not this index’s official value and is never part of its fix series; a day on which it cannot be computed is recorded as INVALID with its reason. Around that window the collector samples every 60 seconds whatever the local hour. The series is published at /v1/sync on the engine host.
The methodology version changes only when the way a fix is computed changes — never for display, documentation or the filling of calibration values above. Package versions are separate.
Methodology text: Local public holidays do not pause the index: a holiday is an ordinary fix day, priced against the ECB reference rate by the usual rule; weekends stay indicative. No change to how the fix is computed. Official fixes remain switched off.
Venue discovery (run 23 September 2026): Binance, Foxbit, Bitso and the Kraken and ECB references answered as documented. NovaDAX ended trading in Brazil at the end of June 2026 and is removed from the venue list. Mercado Bitcoin refused the test from India (a Cloudflare block page) and is re-checked from the index’s own server before install. Official fixes remain switched off.
Index created on the CTPI family engine, configured for USDT/BRL: Brazilian venues Mercado Bitcoin, Binance, Foxbit, Bitso and NovaDAX; USDT/USD reference from Kraken paired per sample; ECB USD/BRL denominator; fix at 10:00 BRT (09:30–10:30 window, published 10:31 BRT) so that the prior ECB business day’s rate applies deterministically; raw and peg-adjusted premiums. Official fixes remain switched off ([fix].official_enabled = false) until calibration values are set from live data and the methodology is signed; the daily timer stores indicative (shadow) fixes meanwhile.
No corrections, restatements or publication-timing entries yet. Entries are added here, inside this document, never on a separate page: a missed or late fix is recorded as a publication-timing entry; a change to a published value is a restatement, with the old value, the new value, the reason and the date.
| Date | Type | Fix date | Detail |
|---|---|---|---|
| none recorded | |||