Definition
DePix is a digital token backed 1:1 by the Brazilian Real (BRL), issued on the Liquid Network (a Bitcoin sidechain) and redeemable for Reais via PIX at any time. Every DePix in circulation corresponds to a Real actually deposited, following the public specifications of the Eulen App project, documented at depix.info.
How DePix works
DePix follows a straightforward issuance-and-redemption model, mirrored by an amount actually deposited in Reais:
- Issuance: the user sends a PIX payment in Reais; once confirmed, an equivalent amount of DePix is minted on the Liquid Network and sent to the user's Liquid address.
- 1:1 backing: every DePix minted corresponds to a Real actually received via PIX — there is no issuance without a matching deposit.
- Redemption: to convert DePix back into Reais, the token is sent to the redemption address; the equivalent amount is burned and the matching PIX payment is sent to the user.
- Transfers: while held as DePix, the value can be transferred on the Liquid Network with the speed and confidentiality typical of that network, without relying on the traditional banking system for every movement.
Who issues DePix
DePix is issued according to the rules and technical specifications published by the Eulen App project (eulen.app) and the official documentation at depix.info. Isp Banking does not issue DePix: it acts as a technology platform that integrates this flow, allowing users to convert PIX into DePix (and back) following those specifications. In Brazil, the licensed company structure that operates this bridge with PIX is Plebank (plebank.com.br).
What DePix is used for
DePix was designed to bring the liquidity of the Brazilian Real into a blockchain-based environment, enabling:
- Moving value equivalent to Reais outside traditional banking hours, using the Liquid Network.
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Swapping between DePix and other assets issued on the Liquid Network, such as L-BTC and USDt-Liquid, in wallets like SideSwap.
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Acting as a bridge between the PIX system and the Liquid Network digital asset ecosystem, without requiring centralized custody of funds by the platform.
DePix vs. a traditional stablecoin: the differences
Although DePix is often compared to a "Real-backed stablecoin," there are important differences from traditional stablecoins (such as USDT or USDC on networks like Ethereum, Tron, or Polygon):
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Network: DePix is issued on the Liquid Network (a Bitcoin sidechain operated by Blockstream), while most traditional stablecoins circulate on blockchains such as Ethereum, Tron, or Polygon.
- Backing currency: DePix is backed by the Brazilian Real (BRL) and redeemable via PIX; most global stablecoins are backed by the US Dollar.
- Confidentiality: Liquid Network transactions can use Confidential Transactions, which hide amounts publicly, unlike most networks used by traditional stablecoins.
- Issuer: DePix follows the public specifications of a project (Eulen App), while traditional stablecoins are usually issued by a single centralized company.
Risks and important disclosures
DePix is a digital asset and is subject to the typical risks of digital assets: network availability, technology risk, dependency on third parties for issuance/redemption, and possible regulatory changes. Isp Banking does not guarantee returns, is not a custodian of funds, and is not a financial institution — it acts solely as technology infrastructure.
Frequently asked questions about DePix
What is DePix?
DePix is a digital token backed 1:1 by the Brazilian Real (BRL), issued on the Liquid Network and redeemable for Reais via PIX.
Who issues DePix?
DePix is issued according to the public specifications of the Eulen App project (eulen.app and depix.info). The platform does not issue DePix; it only integrates this flow as technology infrastructure.
Is DePix a cryptocurrency like Bitcoin?
Not exactly. DePix is a token backed by the Real (a stable asset), unlike Bitcoin, which has no backing and a limited supply. DePix runs on the Liquid Network, the same sidechain where L-BTC (Bitcoin represented on Liquid) circulates.
How do I redeem my DePix for Reais?
DePix is redeemed by sending the token to the designated redemption address; the equivalent amount in Reais is sent via PIX to the user, following the Eulen App project specifications.
Learn more
For more detail, see our Glossary on Liquid Network, L-BTC, SideSwap, and Blockstream, the About Isp Banking page, our AI Transparency page, and the DePix / Plebank Limits page.