The policy rate, and what a tokenized treasury is

The Selic target is set by the Copom and published FORWARD to the next meeting: on 30 August 2026 its newest observation was dated 16 September. Those future-dated rows are dropped here. A rate set for a date that has not happened is a decision rather than an observation, and plotting it would put a line to the right of every other series and read as coverage nobody has.

The CDI is published in two forms, and only one of them is a second series. In its daily percentage form it is IDENTICAL to the effective Selic on 1,672 of 1,672 shared days since 2020, to the eighth decimal — the same number under two names. In its annualised form it is never equal to the Selic target, sitting a constant tenth of a percentage point below it. The annualised pair is what is charted, because the daily pair would draw one line twice and call it two series.

Tokenized treasury supply is a STOCK, not a flow, and it is measured the opposite way to settled value. It is cumulative mints minus burns per chain and per contract, cumulated on a dense calendar so a dormant contract carries its balance forward rather than appearing to vanish, and read at true period ends. Both tokens run on two chains, so that is four contract balances rather than two.

TESOURO and CETES are named after government debt instruments and are probably yield-bearing, but that has not been checked against the contracts. So converting them at an exchange rate would give a floor on their value rather than their value, and no dollar series is published for them at all — the figures are reais and Mexican pesos, and there is no dollar column to be misread.

Both grains are published. The daily peak of R$448,618 on 6 January 2026 falls mid-week, so the weekly series peaks lower at R$429,632. The chart pairing supply with the Selic uses the daily grain, because the Selic panel above it is daily and a shared time axis carrying a daily line over a weekly step would claim a resolution one of the two panels does not have.

Deposit rates across the region are annual World Bank observations and are STRUCTURAL rather than live: the newest figure is the newest that exists, not a stale one. They are published for 31 of the 33 countries in scope, and a country-year the World Bank did not publish is an absent row rather than a zero, so this ranking ranks what was published.