DePix Accounts for Roughly Half of Liquid Network Volume
In its quarterly report for the first quarter of 2026, the Liquid Network attributed roughly half of all network transaction volume to DePix, the Brazilian Real-pegged stablecoin issued by Eulen. Liquid identified remittances and merchant payments in Brazil as the flows behind that share.
The Quarter in Numbers
According to Liquid’s report, the network processed 1,163,119 transactions in Q1 2026:
- Nearly 5x the 233,670 transactions of Q1 2025
- 72% above Q4 2025, which closed at 675,157
- 15 consecutive months of growth, with no slowdown across the quarter
- Monthly progression: 317,296 in January, 367,143 in February, 478,680 in March
- Peak daily volume of 20,798 transactions on 5 February
What the Number Represents
Transaction counts measure settlement activity, not market capitalization or speculative trading. The volume Liquid attributes to DePix is people and businesses moving Brazilian Reais: remittances crossing borders and merchants taking payment.
That distinction matters. A stablecoin can hold a large balance sheet while sitting idle. This figure describes the opposite — an asset being spent, received, and settled continuously enough to account for half of the activity on the network that hosts it.
Context for Partners
For the platforms and traders that settle through Eulen, the report is external confirmation of what the settlement layer handles in practice. Capacity claims made by an issuer about its own product are worth less than volume measured by the network operator.
Eulen joined the Liquid Federation in January 2026, and now participates in operating the network these transactions settle on.
Read the full report on the Liquid blog.