BRLE is a stablecoin pegged to the Brazilian Real that offers yield distribution to its holders. The yield is based on the daily yield from Brazilian government bonds in which the BRLE reserves are invested. To be eligible to receive the BRLE yield, token holders must meet certain criteria. The holding period for receiving yield is two consecutive business days, and the minimum balance required in the last two days is 1000 BRLE.

Token holders must have BRLE in their address by 03:30 PM GMT-3 on each business day to receive yield. Yield distribution takes place between 08:00 PM and 09:00 PM GMT-3, and is based on the token holder's balance at 03:30 PM GMT-3 on the day of distribution. If a token holder is eligible to receive the yield, they will receive it in the form of new BRLE tokens. The yield amount is calculated based on the minimum balance of BRLE in the address on the current and previous day, multiplied by the daily yield from Brazilian government bonds in which the BRLE reserves are invested, and then adjusted for tax.

Eligibility criteria

The BRLE token yield distribution follows the following rules:

• Cliff period of 2 business days: Token holders must hold BRLE for the last two consecutive business days to receive additional BRLE as yield. If a token holder hasn't held BRLE for at least two business days, they will not receive any yield.
• Minimum balance of 1000 BRLE in the last two days: Stellar addresses with a balance below 1000 BRLE in the last two days will not receive yield.
• Cut-off time at 03:30 PM GMT-3: Token holders must have BRLE in their address by 03:30 PM GMT-3 of each business day to receive yield.
• No yield distribution on non-business days.

Yield distribution

• The yield distribution for BRLE tokens takes place between 08:00 PM and 09:00 PM GMT-3, and is based on the token holder's balance at 03:30 PM GMT-3 on the day of distribution. To be eligible to receive the yield distribution, the token holder must maintain the minimum required balance of BRLE tokens from the end of the holding period until 03:30 PM GMT-3 on the day of distribution.
• If you are eligible to receive the BRLE yield, you will receive it in the form of new BRLE tokens. This is because the value of BRLE tokens is pegged at 1:1 with Brazilian real fiat. If your BRLE tokens are stored under your self-custody Stellar address and you are eligible to receive the yield, ECSA will send the yield directly to your address and pay the network fee. If your assets are stored under ECSA custody, you will be able to view the yield distribution directly on ECSA's platform.
• You can convert the BRLE tokens earned from the yield into other assets or fiat currencies at any time. This means that you have the flexibility to "off-ramp" your BRLE tokens whenever you want. However, please note that any terms and conditions that apply to the conversion process must be followed.

Yield amount

If the token holder is eligible to earn the yield, the amount to be paid on a business day will follow the formula:

$$ dailyYield = [min(BRLE_{D0},BRLE_{D-1}) * FatorDiarioSelic]*(1-tax) $$

In which:

• dailyYield: The amount of BRLe to be distributed daily to a certain address.
• BRLEd0: The balance of BRLe in the address at 3:30 PM GMT-3 on the current day.
• BRLEd-1: The balance of BRLe in the address at 3:30 PM GMT-3 on the previous day.
• FatorDiarioSelic: The daily yield from Brazilian government bonds in which the BRLe reserves are invested. This information can be verified on the Brazilian Central Bank website.